The founder of the FTX trading platform bought a 7.6% stake in Robinhood. – Latest News

robinhooda platform known for offering commission-free investment services, surged after Sam Bankman FriedCEO of cryptocurrency exchange FTXtook a stake of 7% in the society. Like reports CNBCthe acquisition was confirmed Thursday in a filing with the Securities and Exchange United States Commission.

robinhood as an attractive investment

The actions of robinhood jumped 24-30% shortly after closing the transaction. The development comes just days after the actions of robinhood collapsed because of a “corporate action”. However, the title is lower by almost 77% at its introductory price last July.

Another important thing, Emerging Fidelity Technologies also owns a $648 million stake in robinhoodaccording to the file. However, Bankman Fried remains the sole director and majority shareholder. According to official documents, the founder of the Bahamas cryptocurrency exchange sees the financial services provider as “an attractive investment”.

According to the document : “The reporting persons intend to hold these shares as an investment and currently have no intention of taking any action to change or affect control of the issuer.”

To discover: Nubank: the Brazilian bank partners with Paxos to launch cryptography services.

The record also shows that Bankman Fried may have discussions with management from time to time. robinhood also confirmed the development on Twitter on Friday, May 13, where he called the investment a Bankman Fried from “attractive“.

SBF does not seek to make changes to robinhood.

Sat Bankman Fried currently does not plan to make any changes structural or functional robinhood and supports his decision by calling it a profitable investment.

However, if circumstances change in the near future, it could consider “options to enhance shareholder value through various strategic options or operational or management initiatives”. In this case, he can also acquire additional shares of the company.

Among others, robinhoodmeanwhile, began his journey into the world of cryptocurrencies and tested a wallet launched in partnership with chain analysis.

See more: Coinbase faces lawsuit over listing and promoting stablecoin GYEN.

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