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Finance

Robinhood to Buy Back Sam Bankman-Fried's Stake for $605.7M

The 55 million HOOD shares were owned by Sam Bankman-Fried and fellow FTX co-founder Gary Wang through Emergent Fidelity Technologies

By Jamie Crawley
AccessTimeIconSep 1, 2023 at 1:42 p.m. UTC
ROBINHOOD app on a smartphone (Shutterstock)
ROBINHOOD app on a smartphone (Shutterstock)

Popular trading platform Robinhood (HOOD) has agreed with the United States Marshal Service (USMS) to buy back $605.7 million in stock previously owned by Sam Bankman-Fried, founder of the now-bankrupt crypto exchange FTX.

The U.S. government seized the 55 million HOOD shares owned by Bankman-Fried and fellow FTX co-founder Gary Wang through Emergent Fidelity Technologies holding company around the start of this year.

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    • The share repurchase agreement was approved by the U.S. District Court for the Southern District of New York on Aug. 28, according to a U.S. Securities and Exchange Commission Filing dated Aug. 30.

    Robinhood shares climbed around 3% to $11.21 during the early Friday trading session.

    Read More: Robinhood and Jump Trading No Longer Have Crypto Partnership: Source

    Edited by Aoyon Ashraf.


    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter