The record-breaking rescue deal sees the founders and certain major investors of Robinhood rewarded for revoking an inadvertent stake sale. Billionaire CEO Vlad Tenev has agreed to return $600 million of his wealth to the trading platform.
The financial technology company, Robinhood, has repurchased Sam Bankman Fried’s stake for a reported $605 million. The self-made billionaire, who founded the trading platform FTX, will remain as a major advisor to Robinhood.
Robinhood, the popular stock trading app, has been identified as the mysterious wallet holding over 170,000 Bitcoin, making it the third largest holder of the cryptocurrency. Research claims the wallet, worth more than $9 billion, has been active since mid-April 2020.
As ARK Invest continues to deepen its involvement in the crypto sector, the fund has sold more of its Coinbase shares, while also eyeing meta platforms like Robinhood and Meta.