FTX’s Sam Bankman-Fried Buys 7.6% Stake in Robinhood, HOOD Surges 23%

Sam Bankman-Fried, the CEO of leading crypto exchange FTX, has purchased a 7.6% stake in the online trading platform Robinhood.with the US Securities and Exchange Commission , the billionaire’s shares are worth $648 million, purchased at an average price of $11.52.

Of note, the deal involved Emergent Fidelity Technologies and Robinhood. Bankman-Fried is the sole director and majority owner of the former. Following the news, Robinhood stock spiked 36% in the after-hours trading session. The price later retracted and was up 24% as of reporting time, MarketWatchJust before the announcement, the firm’s shares were trading at an all-time low of $7.73. Compared to HOOD’s IPO price of July 2021, this is an over 75% shave-off. Bankman-Fried’s acquisition has, therefore, brought some relief to Robinhood’s investors.

The document, however, clarifies that he will, time and again, “engage in discussions” with the firm’s management. These deliberations may entail the enhancement of “stockholder value” through actions such as “strategic alternatives or operational or management initiatives.” More so, the entrepreneur can acquire additional shares in the future, should he wish to do so.Robinhood decided to dabble in crypto trading in 2018. Thereafter, the firm’s revenue shot up to $1.

After a fall in stock-based revenue, the online brokerage further intensified its crypto operations in early January. The move placed it at par with leading exchanges Coinbase and the Winklevoss-owned Gemini. In Q1, 2022, Robinhood attributed a significant portion of its revenue to crypto-related transactions.of the London-based digital asset platform Ziglu, pending regulatory approval.

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