Robinhood Stock Jumps Nearly 24% After FTX Chief Acquires 7.6% Stake in Online Brokerage

Robinhood Markets shares soared more than 24% in late trade after crypto billionaire Sam Bankman-Fried revealed a 7.6% equity holding in the online brokerage.

Source: SEC

HOOD up +23.60%, BTCUSD up +5.46%

Bank-Fried bought nearly 56.3 million shares in Robinhood markets via his investment company, Emergent Fidelity Technologies.

The investment makes the 30-year-old’s holding valued at nearly $482 million, depending on the closing share price of $8.56. The billionaire paid nearly $648.3M for the shares.

Bank-Fried is the founder and the chief executive officer of cryptocurrency exchange FTX. He has a net worth of $11B.

California-based Robinhood was founded in 2013 but become popular last year on the back of the meme-stock mania. It had 22.7 million users at the close of last year, increasing 81% year-over-year.