Stock Trading App Robinhood May Be Worth $5.6 Billion Soon

According to a recent Wall Street Journal report, Russian firm DST Global is leading group of investors that are close to finalizing an investment into Robinhood for about $350 million.

If successful, this would bring the Palo Alto-based company’s value to $5.6 billion.

According to people familiar with the fundraising, Robinhood is in the final stages of securing the $350 million from investors led by DST Global.

It was roughly three years ago that the company launched its stock trading app that was commission-free and it was only last month that the company started to roll out the trading of bitcoin and ethereum in five states through its “Robinhood Crypto” subsidiary. The subsidiary is wholly owned by Robinhood Markets.