Founder of Cryptocurrency Exchange FTX Buys 7.6% Stake in “Robinhood” App

Founder of Cryptocurrency Exchange FTX Buys 7.6% Stake in “Robinhood” App

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Answer Founder of Cryptocurrency Exchange FTX Buys 7.6% Stake in “Robinhood” App

Sam Bankman Fred, CEO of cryptocurrency exchange FTX, has bought a whopping 7.6% stake in crypto and stock trading app Robinhood, according to a filing today with the US Securities and Exchange Commission.

News of the purchase sent Robinhood shares up more than 30% in after-hours trading.

At the time of writing these lines, the stock has slipped slightly to $8.56.

According to deposit The Securities and Exchange Commission, Fred Bankman bought just over 56 million shares of Robinhood via a company called Emergent Fidelity Technologies, with a current stake of about $600 million.

The investment comes at a time when Robinhood’s fortunes and returns have been declining, with just hours before news of Fred Bankman’s investment in the company, Robinhood shares hit an all-time low of $7.71.

Read:Coinbase reveals the reasons that could lead to a decline in the price of Bitcoin and Ethereum

The stock has fallen steadily since hitting $55 shortly after its initial public offering last July.

Since then, the company’s revenue has similarly been in a downward trend.

Recently, the company saw an 18% drop in revenue for the first quarter of 2022.

Three weeks ago, it laid off 9% of its workforce, citing a global slump in spin-off investment activity as a reason for slowing growth.

While investing in traditional assets faltered, Robinhood saw a 13% increase in crypto trading revenue in the first quarter.

Robinhood has steadily expanded its crypto offerings, in the last month alone adding support from Solana, Shiba Inu, Polygon and Compound to the platform.

In his filing with the Securities and Exchange Commission (SEC), Fred Bankman stated that he had no intention of changing the direction or influence of Robinhood, and that he bought his stake in the company because it represented an attractive investment.

Robinhood Communications team was quick to pick up the new investment, tweeting:

Read:CryptoCom Receives Regulatory Approval to Provide Crypto Services in Italy

Of course we think it’s an attractive investment too.

Read also:

Terra is officially suspended and major crypto exchanges are removing it from circulation…Details here

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