The CEO of crypto exchange platform FTX is acquiring a significant position in Robinhood after the trading giant’s stock struck an all-time low.
According to a disclosure filing to the U.S. Securities and Exchange Commission (SEC), Sam Bankman-Fried purchased 56.27 million shares of the business for about $650 million after the stock struck a lowest level of $7.71.
The stock has actually given that recuperated and is altering hands at $10.74 sometimes of composing. Bankman-Fried’s purchase sees him owning 7.6% of the popular securities trading network.
In the SEC file, Bankman-Fried makes it clear that he does not prepare to alter how Robinhood runs or works however rather sees the acquisition as a great financial investment chance.
“The reporting persons acquired the shares in the belief that the shares represent an attractive investment. The reporting persons intend to hold the [stocks] as an investment, and do not currently have any intention of taking any action toward changing or influencing the control of the issuer, participating in any transaction having that purpose or effect.”
Robinhood, which last month included brand-new digital properties to its lineup such as Ethereum layer-2 scaling service Polygon (MATIC), Dogecoin rival Shiba Inu (SHIB), and monetary services network Compound (COMPENSATION), agrees with Bankman-Fried’s stock evaluation.
“Of course, we think it is an attractive investment too. We have the best customer base, are introducing great new products, and we have the team to deliver.”
Other crypto properties used by Robinhood consist of leading digital properties by market cap Bitcoin (BTC) and Ethereum (ETH), popular meme token Dogecoin (DOGE), BTC option Litecoin (LTC), ETH opposition Solana (SOL), and cryptocurrencies such as Bitcoin Cash (BCH), Bitcoin SV (BSV), and Ethereum Classic (AND SO ON).
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