The CEO of crypto alternate platform FTX is buying a substantial place in Robinhood after the buying and selling large’s inventory hit an all-time low.
Based on a disclosure filing to the U.S. Securities and Alternate Fee (SEC), Sam Bankman-Fried purchased 56.27 million shares of the corporate for about $650 million after the inventory hit an all-time low of $7.71.
The inventory has since recovered and is altering arms at $10.74 at time of writing. Bankman-Fried’s buy sees him proudly owning 7.6% of the favored securities buying and selling community.
Within the SEC doc, Bankman-Fried makes it clear that he doesn’t plan to alter how Robinhood operates or does enterprise however as a substitute views the acquisition as a great funding alternative.
“The reporting individuals acquired the shares within the perception that the shares symbolize a gorgeous funding. The reporting individuals intend to carry the [stocks] as an funding, and don’t at present have any intention of taking any motion towards altering or influencing the management of the issuer, collaborating in any transaction having that function or impact.”
Robinhood, which final month added new digital property to its roster corresponding to Ethereum layer-2 scaling answer Polygon (MATIC), Dogecoin competitor Shiba Inu (SHIB), and monetary providers community Compound (COMP), agrees with Bankman-Fried’s inventory evaluation.
“After all, we expect it’s a gorgeous funding too. We’ve got the perfect buyer base, are introducing nice new merchandise, and we’ve the workforce to ship.”
Different crypto property provided by Robinhood embody main digital property by market cap Bitcoin (BTC) and Ethereum (ETH), standard meme token Dogecoin (DOGE), BTC different Litecoin (LTC), ETH challenger Solana (SOL), and cryptocurrencies corresponding to Bitcoin Money (BCH), Bitcoin SV (BSV), and Ethereum Basic (ETC).
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