The CEO of crypto exchange platform FTX is purchasing a considerable position in Robinhood after the trading giant’s stock hit an all-time low.
According to a disclosure filing to the U.S. Securities and Exchange Commission (SEC), Sam Bankman-Fried bought 56.27 million shares of the company for about $650 million after the stock hit an all-time low of $7.71.
The stock has since recovered and is changing hands at $10.74 at time of writing. Bankman-Fried’s purchase sees him owning 7.6% of the popular securities trading network.
In the SEC document, Bankman-Fried makes it clear that he does not plan to change how Robinhood operates or does business but instead views the acquisition as a good investment opportunity.
“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 added new digital assets to its roster such as Ethereum layer-2 scaling solution Polygon (MATIC), Dogecoin competitor Shiba Inu (SHIB), and financial services network Compound (COMP), agrees with Bankman-Fried’s stock assessment.
“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 assets offered by Robinhood include leading digital assets by market cap Bitcoin (BTC) and Ethereum (ETH), popular meme token Dogecoin (DOGE), BTC alternative Litecoin (LTC), ETH challenger Solana (SOL), and cryptocurrencies such as Bitcoin Cash (BCH), Bitcoin SV (BSV), and Ethereum Classic (ETC).
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Featured Image: Shutterstock/ValDan22/Fotomay
