Sam Bankman-Fried von FTX recognizes opportunities in restless markets
Sam Bankman-Fried von FTX recognizes opportunities in restless markets
- Bankman-Fried acquires 7.6 % of the shares in Emergent Fidelity Technologies, whose sole director and majority owner he is
- The bought stocks were worth around $ 60 million on Friday afternoon
The head of the FTX crypto exchange has bought a share of 7.6 % of the Robinhood investment platform.
Although Sam Bankman-Fried's company was not involved in the transaction, he said that FTX could take part in the next wave of upcoming mergers and takeovers that he predicted.
Bankman-Fried, founder and CEO of FTX, has bought around 56 million Robinhood shares Official submission at a price of around 648 million US dollar.
The shares were rated on Friday at 3:45 p.m. ET with around $ 605 million, which corresponds to an increase of about 25 % compared to the previous day, but is still below the price he paid.
The purchase was made according to the document via Emergent Fidelity Technologies, a company registered in Antigua and Barbuda. Bankman-Fried is a majority owner of Emergent.
Bankman-Fried refused to comment on the Robinhood deal today, in which FTX was not involved, but recently said in an interview with block works that the difficult market conditions in the field of digital assets could trigger a wave of M&A activities.
"There will be a lot of mergers and takeovers," he said, adding that "it was not completely shocking" for FTX to take over part of the business of shrinking stock exchanges.
The US subsidiary FTX bought the Futures and Option exchange LedGerx for digital currencies last year to bring crypto derivatives to its US user base. FTX recently announced in February that the Fintech company Liquid Group should be taken over to bypass Japan's crypto exchange laws.
A Robinhood spokesman also refused to comment and instead referred to a Twitter thread that the company had posted on Thursday.
"We double to the creation of a multi -generation company in which customers can build up assets for their generations," says the tweet. "Of course we also consider it an attractive investment. We have the best customer base, introduce great new products and we have the team to deliver."
Robinhood reported a net loss of $ 392 million in the first quarter.
The company's net revenue amounted to $ 299 million in the first three months of 2022 compared to $ 522 million in the first quarter of 2021. The transaction-based income amounted to $ 218 million, about half of the previous year's value. Crypto transactions made up $ 54 million of these income compared to $ 88 million in the first quarter of 2021.
Dan Keeler contributed to this story.
Sam Bankman-Fried Spots Opportunity in Troubled Markets from Post FTX is not a financial advice.