skip to Main Content
bitcoin
Bitcoin (BTC) $ 94,065.20 3.04%
ethereum
Ethereum (ETH) $ 1,805.68 6.20%
tether
Tether (USDT) $ 1.00 0.05%
xrp
XRP (XRP) $ 2.25 4.17%
bnb
BNB (BNB) $ 608.36 0.17%
solana
Solana (SOL) $ 152.02 4.92%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.181035 5.53%
cardano
Cardano (ADA) $ 0.708532 7.97%
tron
TRON (TRX) $ 0.245775 0.39%

Robinhood Repurchased Sam Bankman Fried’s Stake For $605 Million

Crypto and stock trading platform Robinhood (HOOD) has executed a nine-figure buyback of its own shares from FTX’s former executives, including disgraced boss Sam Bankman-Fried and his fellow co-founder Gary Wang.

The purchase secured 55,273,469 HOOD shares worth $605.7 million.

  • Robinhood entered into the purchase agreement with the United States Marshal Service (USMS) on August 30, and closed the transaction the following day.
  • “The Company funded the purchase of the Shares from corporate cash available from its balance sheet,” stated the agreement’s Form 8-K filing on Thursday.
  • Robinhood’s Board of Directors had already authorized the company to pursue purchasing most or all of the shares on February 8, 2023. Before that, Bankman-Fried and Wang owned the shares via the former’s hedge fund Emergent Fidelity Technologies, which filed for bankruptcy at the time.
  • The government confiscated close to $700 million worth of Bankman-Fried’s assets in January, including $455 million worth of HOOD shares, despite his lawyers’ fight to keep them. Prosecutors believe those shares were purchased using former FTX customers’ stolen money.
  • Robinhood’s average purchase price per share was $10.96 – below the market’s current trading value of $11.18.

The post Robinhood Repurchased Sam Bankman Fried’s Stake For $605 Million appeared first on CryptoPotato.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top