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Robinhood Markets set the price of its impending IPO Monday that could value the online trading platform at around $35 billion.

In an updated S-1 filing with the U.S. Securities and Exchange Commission, Robinhood said it plans to offer 55 million shares of its Class A common stock in the range of $38 to $42 each, a move that would raise around $2.3 billion at the higher-end of the range. That translates to a market value of around $35 billion.

Robinhood customers will be offered between $440 million and $770 million in Class A shares, the company said, with CEO Vladimir Tenev ultimately owning around 26.2% of the listed company.

Robinhood said it generated $959 million in revenues last year, a 245% increase from 2019, and noted it has 17.7 million active users on the platform with aggregate assets of around $81 billion. 

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The group posted updated June quarter revenue estimates of between $546 million and $574 million, with what it called  22.5 million in “funded accounts”.

Over the first three months of the year, in fact, 9.5 million Robinhood customers traded $88 billion worth of digital currencies, a massive increase from the same period last year.

Earlier this year, Robinhood raised $3.4 billion from its existing shareholders in a move aimed at allowing the group to meet margin requirements at the Depository Trust & Clearing Corporation (DTCC) clearing house while also expanding and fine-tuning its platform.

Robinhood co-founder Tenev told the online audio meeting group Clubhouse at the time that the National Securities Clearing Corp., a DTCC subsidiary, asked for a deposit of $3 billion late Thursday — a figure it ultimately reduced to $1.4 billion — to support the surge in trading volume linked to the sudden surge in so-called ‘meme stocks’ that gripped Wall Street in January and February.