Sam Bankman-Fried buys stake in Robinhood for $650 million

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The founder of the FTX cryptocurrency exchange, Sam Bankman-Fried, acquired a stake in Robinhood, after which the shares of the financial platform grew by almost 30%.

From notificationsfiled this week with the U.S. Securities and Exchange Commission (SEC), it became known that Emergent Fidelity Technologies, owned by billionaire Sam Bankman-Fried, acquired a stake in Robinhood worth about $648 million, which is 7.6% of the company’s shares.

In a filing with the SEC, Bankman-Fried commented on his stance on Robinhood, saying he “had no intention of taking any action to change or influence Robinhood” and views the platform as “an attractive investment.”

The news was received positively by the stock market and subscribers Robinhood on Twitter, causing the platform’s share price to surge more than 30% off-hours in an instant. At the opening of trading, the actual increase in the value of Robinhood shares is about 24%.

Earlier this month, Robinhood notified its users that Grayscale’s cryptocurrency investment products became available to them. Robinhood customers can access Bitcoin and Ethereum-based cryptocurrency investment products without actually owning digital currencies.

Source: Bits

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