Robinhood Markets, Inc filed an S-1 with the SEC Thursday afternoon, signaling the company's intent to go public in an initial public offering.

The stock trading app will trade under the ticker HOOD.

The move comes just after the company settled a laundry list of complaints with FINRA for $70 million, including charges focusing on options trading, customer service, outages, display of incorrect data, and more, agreeing to pay a fine of $57 million and almost $13 million in restitution to customers.

The company said it has 17.7 million monthly active users with over 50% first-time investors and $81 billion assets, up from just $19 billion in March 2020. Last year's rise of daytrading and new entrants into the market saw Robinhood revenues jump to $959 million from 2019's $278 million, a 245% increase.

Though primarily used for trading stocks, 17% of the company's revenue comes from cryptocurrency trading — with 34% of Q1 2021's crypto revenue coming from Dogecoin transactions.

The most lucrative revenue stream for the company, however, comes from options. According to the filing, options trading makes up the largest source of revenue, making up $197 million of its $522 million Q1 revenue, more than the $133 million it made on stock trades or $87 million on cryptocurrency trades.

The company also recorded a record profit of $7.45 million in 2020, but ended up losing $1.444 million in the first quarter of 2020, during the viral "meme" stock boom.

Robinhood was founded by current CEO Vladimir Tenev and Baiju Bhatt in 2013, and in the past decade adapted bold Silicon Valley approaches to the once-stodgy world of Wall Street and investment brokerages. The company's success and adoption of zero-commission trading led its competitors to similarly drop trading fees that long provided a lucrative revenue stream for the industry.

Instead, the company pioneered a business model based on payment for order flow (PFOF), where market makers pay Robinhood for the right to execute trades (they still have to be at the best price), allowing those companies to have more insight into the portfolio moves of retail customers.

According to the filing, 75% of the company's revenue came from PFOF via market makers, especially from Citadel Securities, LLC. As the company's risk factors note, any changes to PFOF, which has been controversial in the past, would have a great effect on the company's business.

"Any new or heightened PFOF regulation may result in increased compliance costs and otherwise may materially decrease our transaction-based revenue," reads the S-1. This would be a bigger deal to Robinhood than to others, the company points out: "Because certain of our competitors either do not engage in PFOF or derive a lower percentage of their revenues from PFOF than we do, any such heightened regulation or ban of PFOF could have an outsize impact on our results of operations."