FTX boss takes part in the online brokerage Robinhood

SAM Bankman-Fried, the multi-billion dollar founder of the FTX cryptocurrency exchange, has announced a 7.6 percent participation in the battered retail broker Robinhood and referred to it as an “attractive investment”.

Bankman-Fried said in a securities file that he "did not intend to take measures to change or influence control [Robinhood]" and bought the proportion as a pure investment. However, he left the opportunity to ask the company to consider "strategic alternatives or operational or management initiatives".

The Robinhood shares rose by up to 32 percent after the announcement in post -market trade.

Bankman-Fried bought Robinhood shares worth $ 648 million at an average price of $ 11.52. The purchases opened by Bankman-Fried began in mid-March and lasted until Wednesday when he bought stocks worth $ 27.5 million according to an official application.

Robinhood made the stock exchange in July with a highly expected debut. But the brokerage shares have stalled because the enthusiasm of private customers for stock trading has decreased in the past few months. Since then, the broker's shares had fallen by more than 70 percent before the release on Thursday.

Robinhood has penetrated strongly in cryptocurrencies because the income from stock trading has dropped, crypto money exchanges introduced on its platform and new currencies added, which means that it is more reconciled with competitors such as coin base. It plans to expand internationally as a crypto brokerage.

Bankman-Fried previously talked about the strength of the broker's brand: "Robinhood has to do hardly advertise; her name transports her brand and message without additional color," he had written on Twitter.