Robinhood Set to Repurchase Sam Bankman-Fried’s Stake for $605.7M

Robinhood, the well-known trading platform, has reached an agreement with the United States Marshal Service (USMS) to repurchase $605.7 million worth of stock that was previously owned by Sam Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX.

The U.S. government had seized the 55 million HOOD shares owned by Bankman-Fried and his fellow FTX co-founder, Gary Wang, through their holding company Emergent Fidelity Technologies earlier this year. Now, Robinhood is set to buy back these shares.