Robinhood is set to buy back Sam Bankman-Fried’s previously owned $605.7 worth of stock in the company. Indeed, they announced that the 55 million shares, which were also owned by FTX co-founder Gary Wang through Emergent Fidelity Technologies, would be purchased back.
Specifically, Robinhood has agreed to a deal with the United States Marshal Service to purchase the shares, according to a filing today. Subsequently, the assets are no longer in the possession of Bankman-Fried following his arrest. Moreover, his criminal trial for fraud charges is set to take place in October.
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Robinhood Buying Back 55 Million Shares From Sam Bankman-Fried
There certainly has never been a controversy to hit the digital asset industry like the collapse of FTX. Once viewed as a pillar of strength for the industry, the cryptocurrency exchange was uncovered for a host of fraudulent activity. Subsequently, this led to the arrest of former CEO Sam Bankman-Fried and its many top executives.
Now, as the co-founder awaits his upcoming trial, Robinhood is set to buy back Sam Bankman-Fried’s $605.7 million worth of stock in the company. Indeed, they have agreed with the United States Marshal Service to purchase the 55 million shares. Moreover, they had been formerly owned by both Bankman-Fried and the co-founder of FTX, Gary Wang.
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The government had seized the tens of millions of shares that were owned by both executives at the start of the year. Moreover, they had been acquired through Emergent Fidelity Technologies Holding Company. Alternatively, the purchase agreement was approved by a US District Court this week.
The purchase agreement was verified through a US Securities and Exchange Commission filing that was released today. Additionally, Robinhood had seen its shares increase by around 3% at the start of Friday. Subsequently, they were selling for around $11.21 at the start of the day.
