HomeTechnologyRobinhood Billion-Greenback Reversal: $600 Million Deal Sees Bankman-Fried Stake Return Dwelling

Robinhood Billion-Greenback Reversal: $600 Million Deal Sees Bankman-Fried Stake Return Dwelling

Robinhood, the favored on-line brokerage platform, has efficiently executed a major share repurchase settlement, buying $605 million value of shares from Emergent Constancy Applied sciences, owned by Sam Bankman-Fried, former CEO of the bankrupt crypto alternate FTX. 

The corporate filed an 8-Ok type with the US Securities and Change Fee (SEC) to formally announce the settlement, which had been beforehand disclosed earlier this yr. 

Robinhood CFO Anticipates Dynamic Progress Forward

Robinhood’s Board of Administrators approved the pursuit of repurchasing the remaining 55 million shares that Emergent Constancy Applied sciences had acquired in Could 2022. 

This share repurchase initiative underscored the board’s perception within the firm’s future success and the worth it may ship to its shareholders. Per the announcement, the completion of this transaction represents a major milestone in solidifying Robinhood’s place available in the market.

On August 31, 2023, Robinhood finalized the acquisition of all 55,273,469 shares from Emergent Constancy Applied sciences at a complete value of $605,694,411.59. This equates to a mean value of roughly $10.96 per share. 

On this matter, Jason Warnick, Chief Monetary Officer of Robinhood, expressed his satisfaction with the completion of the share buy, stating: 

We’re completely happy to have accomplished the acquisition of those shares and stay up for executing on our development plans on behalf of our clients and shareholders.

Robinhood’s Ethereum Holdings Soar

On a major observe, revealing data from on-chain analytics platform Arkham Intelligence signifies that Robinhood controls a staggering 1.72 million Ethereum (ETH), making it the fifth-largest holder of the digital asset. As of August 30, this Ethereum stash alone is valued at roughly $2.93 billion.

Robinhood
Robinhood’s cryptocurrency holdings as of August 30. Supply: Arkham Intel.

The extent of Robinhood’s crypto holdings is much more spectacular when contemplating the platform’s general cryptocurrency portfolio, which exceeds $6.6 billion in worth. 

Bitcoin (BTC) and Ethereum comprise over half of this substantial asset pool. Robinhood controls roughly $3.3 billion of BTC, underscoring its vital affect within the Bitcoin market. 

Alongside Bitcoin, the platform’s Ethereum holdings display its place because the second-largest cryptocurrency by market capitalization.

Along with Bitcoin and Ethereum, Robinhood’s digital pockets encompasses different distinguished cryptocurrencies. 

Amongst these is SHIB, valued at a formidable $227 million. The platform additionally holds appreciable quantities of Chainlink (LINK), estimated at $30 million, and Avalanche (AVAX), valued at round $29 million. 

Robinhood
Complete crypto market cap’s downtrend on the each day chart over the previous 24 hours. Supply: TOTAL on TradingView.com

In keeping with CoinGecko knowledge, the present world cryptocurrency market capitalization is $1.08 trillion, reflecting a lower of -3.56% over the previous 24 hours.

Presently, BTC holds a market cap of $504 billion, signifying a Bitcoin dominance of 46.46%. In distinction, Stablecoins account for a market cap of $125 billion, representing an 11.53% share of the entire cryptocurrency market capitalization.

Featured picture from iStock, chart from TradingView.com

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