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Illustration: Sarah Grillo/Axios

No-fee trading app Robinhood has filed confidential public offering papers, as first reported by Bloomberg and confirmed by Axios.

Why it matters: The move comes just a month after Robinhood came under fire for restricting certain stock trades.

Between the lines: It is unclear if the company plans to conduct a traditional IPO, in which Robinhood would raise capital from the public markets, or do a direct listing, whereby insiders like early investors and employees would reap the proceeds.

Backstory: Robinhood in February restricted the purchases of certain so-called "meme stocks," including GameStop and AMC, following a Reddit-fueled surge in trading activity. The company later said the pauses were driven by collateral requirements by its clearinghouse, although it took days for that explanation to be clearly communicated.

  • Robinhood, in the midst of the maelstrom, raised billions of dollars in new capital so as to not run into similar liquidity issues going forward.
  • Co-founder and CEO Vlad Tenev was later grilled on Capitol Hill, as part of a House hearing on retail investing.

Go deeper

24 mins ago - World

Biden to push vaccine-sharing at UN, but boosters at home

Expand chart
Data: Our World in Data; Chart: Kavya Beheraj/Axios

President Biden will convene world leaders on Wednesday on the sidelines of the UN General Assembly to push them to do more to end the pandemic — though he's also facing criticism for prioritizing boosters at home.

Why it matters: There is still no functional plan in place to vaccinate the world, and past summits of this sort have flopped. The White House hopes that this virtual gathering will produce ambitious promises, accountability measures to track progress, and ultimately help achieve a 70% global vaccination rate this time next year.

GOP operatives accused of funneling Russian cash to Trump

Jesse Benton, spokesman for the Ron Paul campaign, speaking to reporters in the spin room after the CNN Debate on January 1, 2012. Photo: Robert Daemmrich Photography Inc/Corbis via Getty Images

A former senior aide to Senate Minority Leader Mitch McConnell and Sen. Rand Paul was indicted this month for allegedly funneling $25,000 from a wealthy, unnamed Russian to former President Trump's reelection efforts.

The big picture: The Justice Department alleges that Jesse Benton, 43, the husband of Paul's niece and a veteran Republican staffer, orchestrated a scheme to conceal the illegal foreign donation with another GOP operative, Doug Wead.

Biden to raise refugee admissions cap to 125,000

Afghan refugees arrive at Dulles International Airport after being evacuated from Kabul. Photo: Chip Somodevilla/Getty Images

The Biden administration will raise the refugee admissions cap to 125,000 for the next fiscal year beginning in October, the State Department confirmed in a statement Monday.

Why it matters: The move comes as the U.S. contends with resettling tens of thousands of Afghan refugees stateside, and as the world faces "unprecedented global displacement and humanitarian needs," the department wrote.