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Crypto exchange FTX's CEO buys 7.6% stake in Robinhood
Robinhood, a platform known for providing commission-free investment services, has seen a jump in shares after the CEO of FTX crypto exchange, Sam Bankman-Fried, took a 7% stake in the firm. The purchase was confirmed in a filing with the Securities and Exchange Commission on Thursday, as per a report from CNBC.
Robinhood represents "an attractive investment"
After the confirmation of the purchase, the shares of Robinhood shot up by 36% at one point. However, the shares are nearly 77% low than their IPO price last July. At the time of writing, the price of the stock was $10.69 and was up nearly 24% in the last 24 hours.Interestingly, as per the document, Emergent Fidelity Technologies took a stake worth $648 million in Robinhood as well. Although, Bankman-Fried remains the sole director and majority owner. As per the official documents, the founder of the Bahamian cryptocurrency exchange finds the financial services provider "an attractive investment."
"The Reporting Persons intend to hold the Shares as an investment and do not currently have any intention of taking any action toward changing or influencing the control of the Issuer," the filing says.The filing also revealed that Bankman-Fried might engage in discussions with the management from time to time." Of course, we think it is an attractive investment too," the Robinhood team took to Twitter to confirm the news.
No intention to take other actions
SBF currently has no intentions to take other actions, as confirmed by CNBC. However, he may review "options for enhancing stockholder value through, among other things, various strategic alternatives or operational or management initiatives," said the filing, if the circumstances change in the near future. In such an event, he might also acquire additional shares of the firm.On the other hand, Robinhood has begun its journey in the world of cryptocurrencies and has also tested a wallet launched in partnership with Chainalysis.
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