Robinhood Share- FTX Purchased 7.6% Stake
FTX CEO purchased a 7.6% stake in the Robinhood market. On the back of this news, Robinhood shares rose 28%.
The crypto entrepreneur acquired 56.28 million shares of Robinhood for $648.29 million.
Robinhood Share- 56.28 Million
Robinhood Share- US SEC Filings
Transaction took place through Emergent Fidelity Technologies, a company affiliated with Bankman-Fried, as per U.S. SEC filing.
Acquisition happened just after corporate crypto exchange Coinbase denied rumors of a possible merger with Robinhood.
Robinhood Share- Coinbase Denied Merger
Robinhood Share- Startup Use
Robinhood is an online brokerage start-up that allows its users to trade on the market without commissions.
Quick remote registration and absence of fees and commissions led to the fact that unqualified investors rushed to the market.
Robinhood Share- Investors Attraction
Robinhood Share- Popularity Emerged
Robinhood's popularity emerged during the quarantine that kept people locked up at home.
1st four months of this year, the app gained more than three million new customers, and there are now more than 13 million total.
Robinhood Share- Total Customers
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