Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Rae Cook/Axios

A poster child of the new-age retail investing phenomenon is going public.

What's new: Robinhood just took the wraps off a filing that has a fresh look at how the at-home trading revolution supercharged its business.

Lockdown boredom and stimulus checks created a new crop of retail traders. But the free trading app warns the end of the pandemic and stimmy checks could reverse that.

  • "It is uncertain whether these trends and behavioral shifts will continue as reopening measures continue," the company notes.
  • "There could be a negative impact ... if no additional stimulus measures are taken."

Then there's Dogecoin's fate (seriously!): Trading of the joke coin accounted for 34% of Robinhood's revenue from cryptocurrency transactions as of March 2021 — compared with 4% just a few months earlier.

  • Overall revenue from crypto trading jumped from $4.2 million to more than $87 million in the space of the pandemic year.

Remember payment for order flow (how much other firms pay Robinhood for directing trades their way)? Regulators have signaled they are looking into the practice. They could crack down.

  • New numbers on PFOF's importance to Robinhood: A whopping 81% of revenue came from these payments in the first quarter, up from 75% the same time last year.
  • Citadel Securities is Robinhood's biggest client (though Citadel is only mentioned twice in the 350+ page filing).

The bottom line: One of the most highly anticipated listings of the year (trading under ticker: "HOOD") might be just a month away.

Go deeper: Read the filing.

Go deeper

Felix Salmon, author of Capital
Updated Jul 29, 2021 - Economy & Business

Robinhood stumbles out of the gate

Data: YCharts Chart: Axios

Robinhood, the company that was founded to disrupt Wall Street, was taught a painful lesson by Wall Street investors on Thursday.

Why it matters: Robinhood attempted to revolutionize the initial stock offering by allocating a large number of shares to its own small-dollar investors. Those investors are now sitting on a significant loss, even as Robinhood's multibillionaire founders both sold about $50 million of shares at the IPO price.

Robinhood prices IPO at $38

Illustration: Eniola Odetunde/Axios

Robinhood priced its IPO at the bottom of its price range at $38 a share on Wednesday, giving it a valuation of just under $32 billion.

Why it matters: The no-fee trading app maker made an unusually large allocation of its IPO shares available to retail investors, which is expected to make its opening day on the market less predictable.

Justice Department asks Supreme Court to block Texas abortion ban

Abortion rights activists rally at the Texas State Capitol on Sept. 11, 2021, in Austin, Texas. Photo: Jordan Vonderhaar/Getty Images

The Justice Department on Monday asked the Supreme Court to temporarily block Texas' near-total ban on abortions while federal courts consider its constitutionality.

The big picture: The court last month allowed the ban to take effect, rejecting an emergency application by abortion-rights groups. The law bars the procedure after cardiac activity is detected, as early as six weeks into pregnancy.