Vlad Tenev, CEO and co-founder of Robinwood Markets, Inc., appeared on screen on July 29, 2021, during the company’s IPO at Nasdaq Market in New York City Times Square.
Brenda McDermid | Reuters
Robinwood shares jumped 24.9% on Friday, a day after the crypto exchange chief executive took a stake in the retail investment app.
Earlier this month, Emergent Fidelity Technologies acquired a 7.6% stake in Robinhood for $ 648 million, according to a report submitted to the Securities and Exchange Commission. The document shows that Sam Bankman-Fried, the CEO of Bahamas-based crypto company FTX, owns most of Emergent. The share makes Emergent the third largest Robinwood shareholder, according to FactSet.
Robinwood shares closed at $ 8.56 on Thursday. That was 77 percent lower than the company’s July IPO.
According to the file, Bancuman-Freed acquired the shares because they “represent an exciting investment” and “he intends to hold the shares as an investment” and “does not want to take any action to change or influence them.” Exit control. “
He can “talk to the administration from time to time.”
Robinwood Communication Team Twitter Thursday Night Response to Investment News.
Bankman-Fried can also “consider options to increase the shareholder’s value in a variety of strategic options or operational or management initiatives.” He said he could get more shares.
FTX is one of the largest crypto exchanges in the world. Provides products to sophisticated merchants, as well as space trading, and has competed for big names such as Coinbase and Binance. Provides services through FTX US, a separate entity in the US
Although Robinwood started in the stock market, it was a huge success when it launched its crypto trading platform in 2018. Crypto trading has been important for the company’s bottom line ever since. In the fall, Robinwood unveiled his cryptocurrency portfolio test and said the waiting list has grown to 1 million customers.