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Robinhood Shares Rally 20% After FTX Founder Sam Bankman-Fried Acquires 7.6% Stake

by SB Crypto Guru News
May 13, 2022
in Bitcoin
Reading Time: 3 mins read
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Probably the most outstanding names in cryptocurrencies is putting a wager on particular person buyers. Sam Bankman-Fried, chief govt officer of cryptocurrency trade FTX, has acquired a 7.6 p.c funding in inventory and cryptocurrency buying and selling app Robinhood, based on a submitting with the U.S. Securities and Alternate Fee as we speak.

The billionaire spent roughly $648 million for the inventory, making him the third-largest shareholder within the buying and selling app. At one level throughout after-hours buying and selling, the shares of the funding firm rose 37 p.c. The decline was roughly 25 p.c.

Advised Studying | Bitcoin Drops To $26K As Crypto Promote-Off Continues – Will The Slide Method $25K?

Thursday’s regular buying and selling session marked the inventory’s all-time low. Robinhood’s closing value was $8.57, or 76% decrease than its IPO value in July.

The doc signifies that Bankman-Fried made the funding by Emergent Constancy Applied sciences. Emergent’s sole director and principal proprietor is Bankman-Fried.

A 36% spike in Robinhood inventory value occurred throughout prolonged buying and selling earlier than the shares began to fall. They'd risen by practically 1 / 4 since their lowest level. (YouTube seize)

Robinhood An ‘Engaging Funding’

Based on the doc, the transaction occurred as a result of Robinhood shares represented an “enticing funding.” The assertion mentioned that the intention is to carry the shares as an funding and never take any effort to alter or affect possession of Robinhood.

The funding comes at a time when Robinhood’s fortunes and revenues have been declining; simply hours earlier than the announcement of Bankman-investment, Fried’s Robinhood shares reached an all-time low of $7.71.

When retail buyers flocked to the inventory market final 12 months, Robinhood added hundreds of thousands of recent members. Nevertheless, it has struggled to retain them; the variety of month-to-month lively customers dropped by 10 p.c to fifteen.9 million in March from 17.7 million in the identical month of 2021.

Late final month, Robinhood laid off roughly 10 p.c of its workforce.

BTC whole market cap at $576 billion on the every day chart | Supply: TradingView.com

Advised Studying | Crypto Queen Ruja Ignatova Is Now Europe’s Most Wished Prison

FTX Vs. Coinbase And Binance

FTX is without doubt one of the main cryptocurrency exchanges on the planet and presents derivatives merchandise in addition to spot buying and selling for extra superior merchants. The trade has grow to be a competitor to Binance and Coinbase, nonetheless it doesn’t function in the US.

In April, Robinhood reported that 2 million people on a ready checklist for a crypto pockets had been in a position to ship and obtain cash that had been obtainable on the crypto trade. It acknowledged that the wallets usually are not but obtainable in New York, Nevada, or Hawaii.

Robinhood has steadily elevated its cryptocurrency choices. It added Solana, Shih Tzu, Polygon, and Compound to the platform final month.

The latest decline in cryptocurrencies is a results of buyers’ unwillingness to maintain dangerous belongings at a time when the Federal Reserve is taking aggressive steps to fight inflation.

A drop within the value of an important dollar-pegged stablecoin additionally shook the market. On Thursday, Bitcoin plummeted to its lowest degree since December 2020.

Featured picture from CNBC, chart from TradingView.com



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Tags: AcquiresBankmanFriedBitcoin NewsCrypto NewsCrypto UpdatesFounderFTXLatest News on CryptoRallyRobinhoodSamSB Crypto Guru NewsSharesStake
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