The CEO of crypto exchange platform FTX is buying a sizeable position in Robinhood after the trading giant’s stock hit an all-time low.
According to a SEC filing, Sam Bankman-Fried bought 56.27 million shares of the company’s stock for approximately $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 the time of writing. By purchasing Bankman-Fried, he owns 7.6% of the popular securities trading network.
In the SEC filing, Bankman-Fried clarifies that he has no plans to change the way Robinhood operates or does business, but sees the acquisition as a good investment opportunity.
“The reporting persons purchased the shares in the belief that the shares represent an attractive investment. The reporting persons intend to [stocks] as an investment and do not currently intend to take any action to change or affect control of the issuer or engage in any transaction with that purpose or effect.”
Robinhood, which has added new digital assets to its roster over the past month, such as Ethereum The Layer 2 scaling solution Polygon (MATIC)the Dogecoin-Competitor Shiba Inu (SHIB) and the financial services network Compound (COMP) Agree with Bankman-Fried’s stock opinion.
“Of course we also think it is an attractive investment. We have the best customer base, launch great new products and we have the team to deliver.”
Other crypto assets offered by Robinhood include leading digital assets market capitalization Bitcoin (BTC) and Ethereum (ETH), the popular meme token Dogecoin (DOGE), the BTC alternative Litecoin (LTC)the ETH challenger Solana (SOL) and cryptocurrencies how Bitcoin Cash (BCH)Bitcoin SV (BSV) and Ethereum Classic (ETC).
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Source: Crypto News Deutsch