{"id":83893,"date":"2023-09-01T17:36:51","date_gmt":"2023-09-01T14:36:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83893"},"modified":"2025-09-12T13:59:51","modified_gmt":"2025-09-12T10:59:51","slug":"robinhood-to-buy-back-55-million-shares-previously-owned-by-sam-bankman-fried-for-605-7-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/robinhood-to-buy-back-55-million-shares-previously-owned-by-sam-bankman-fried-for-605-7-million\/","title":{"rendered":"Robinhood to buy back 55 million shares previously owned by Sam Bankman-Fried for $605.7 million"},"content":{"rendered":"<p>Online broker Robinhood will buy back 55 million shares of the company for $605.7 million, which formerly belonged to the founder of the collapsed FTX, Sam Bankman-Fried. This is disclosed in a <a href=\\\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1783879\/000178387923000201\/hood-20230830.htm\\\">filing with the SEC<\/a>. <span data-descr=\\\"U.S. Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span>.<\/p>\n<p>The U.S. District Court for the Southern District of New York approved the settlement on August 28.<\/p>\n<p>Following the collapse of the crypto exchange, the U.S. Department of Justice <a href=\"https:\/\/forklog.com\/en\/news\/u-s-authorities-seize-robinhood-shares-in-bankman-fried-case\">froze<\/a> the former head&#8217;s securities, according to court filings.<\/p>\n<p>The deal was completed on May 13, 2022 \u2014 an FTX-affiliated entity purchased <a href=\"https:\/\/forklog.com\/en\/news\/ftx-chief-acquires-7-6-stake-in-robinhood\">56.28 million shares of the online broker<\/a> for $648.29 million. The assets were held by ED&#038;F Man Capital Markets.<\/p>\n<p>In December 2022, Bankman-Fried testified that, together with platform co-founder Gary Wang, they <a href=\"https:\/\/forklog.com\/en\/news\/bankman-fried-disclosed-alameda-loan-of-546-million-to-buy-robinhood-shares\">formed a company<\/a> Emergent Fidelity Technologies to buy a 7.6% stake in the financial platform.<\/p>\n<p>Robinhood <a href=\\\"https:\/\/www.reuters.com\/technology\/robinhood-markets-fourth-quarter-revenue-rises-5-2023-02-08\/\\\">first announced<\/a> plans to return the shares in February 2023. At that time, the company&#8217;s board approved the deal and earmarked funds for it.<\/p>\n<p>MarketWatch reports that, by the start of Friday trading, the firm\u2019s shares had risen 3.9%, trading at $11.31.<\/p>\n<p>Earlier, analysts linked Robinhood to the <a href=\"https:\/\/forklog.com\/en\/news\/experts-tie-robinhood-to-third-largest-bitcoin-address\">third-largest Bitcoin address<\/a> \u2014 26,081 BTC (~$3.09 billion).<\/p>\n<p>In the second quarter, the online broker&#8217;s revenue from digital-asset operations declined 18.5% year over year to $31 million. The company held $12 billion in cryptocurrency on behalf of clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The online broker Robinhood will buy back 55 million shares previously owned by the founder of the collapsed FTX, Sam Bankman-Fried, for $605.7 million.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1236,1234,1403],"class_list":["post-83893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ftx","tag-robinhood","tag-sam-bankman-fried"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=83893"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83893\/revisions"}],"predecessor-version":[{"id":83894,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83893\/revisions\/83894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=83893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=83893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=83893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}