Robinhood shares jumped 22% after the CEO of a major crypto exchange took a stake in the retail investing app Thursday.
Robinhood shares jumped 22% on Friday, a day after the CEO of a major crypto exchange took a stake in the retail investing app.
An entity called Emergent Fidelity Technologies took a 7.6% stake in Robinhood worth $648 million earlier this month, according to a document filed with the Securities and Exchange Commission. The document also showed Sam Bankman-Fried, who leads the Bahamas-based crypto company FTX, is the sole director and majority owner of Emergent. The stake makes Emergent the third-largest Robinhood shareholder, FactSet data shows.
Shares of Robinhood closed at $8.56 on Thursday, the day the document was filed. That was about 77% below the company's July IPO price. Bankman-Fried acquired the shares because they"represent an attractive investment," according to the filing, which also says he"intends to hold the Shares as an investment" and doesn't have"any intention of taking any action toward changing or influencing the control of the Issuer."
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