Samuel Bankman-Fried has acquired additional shares in the trading platform.
(Photo: AP)
Denver The turmoil in the crypto markets is not deterring Sam Bankman-Fried. The head of the crypto exchange FTX increased his stake in the online broker Robinhood and now owns 7.6 percent of the shares. This emerged from a mandatory notification to the US Securities and Exchange Commission on Thursday after the market closed. The 30-year-old billionaire is taking advantage of Robinhood’s weak course.
The share of the start-up, which enables both shares and selected cryptocurrencies to be traded, has lost a good 76 percent of its value since it went public last year. The news sparked an after-hours rally. Robinhood stock rose 36 percent at its peak.
Bankman-Fried views the move as an investment and has “no current intention” to take control of Robinhood or influence the company’s strategy, the document said. In mid-March, the head of the crypto exchange announced for the first time that it had acquired shares in Robinhood.
Robinhood became known as part of the course capers at the US video game retailer Gamestop. Many small investors had used the app for their speculative transactions with cryptocurrencies.
Top jobs of the day
Find the best jobs now and
be notified by email.
FTX is the third largest crypto exchange in the world with big ambitions. Among other things, the 30-year-old boss is working on a kind of super app for all those customers “who do a bit with crypto, but also invest in shares, want to get interest and need a credit card,” he said at the end of April Interview with the Handelsblatt. Many start-ups have “built cool parts”, but nobody has yet managed to bring all the important financial services together in one app.
More: Savings platforms promote EU deposit insurance – but the resistance is great