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 <p><span data-preserver-spaces="true">Robinhood is steadily climbing the ranks in the crypto game as it owns the world’s third-largest Bitcoin wallet. It is evident that Robinhood is on the path of growth, and there is no going back. The acquisition of these shares comes after Robinhood announced in February 2023 that they will pursue acquiring the shares in the possession of the U.S. government.</span></p>  
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 <p>Also Read:&nbsp;Bitcoin Whales Back in Action, Did Robinhood Buy $3B Worth of BTC?</p> 
 <h2 id="span-data-preserver-spaces-true-what-are-the-shares-that-robinhood-will-buy-from-usms-span"><span data-preserver-spaces="true">What Are The Shares That Robinhood Will Buy From USMS?</span></h2> 
 <p><span data-preserver-spaces="true">The U.S. government acquired 55 million Robinhood stock, classified as Class A common stock, after Sam Bankman Fried filed for the infamous crypto exchange FTX’s bankruptcy. Initially, the shares were registered under Emergent Fidelity Technologies, owned by Sam Bankman Fried and FTX co-founder Gary Wang.&nbsp;</span></p>  
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 <p><span data-preserver-spaces="true">According to the official&nbsp;</span><span data-preserver-spaces="true">filing</span><span data-preserver-spaces="true">&nbsp;with the <a rel="noopener noreferrer nofollow" title="Securities and Exchange Commission" href="https://thebittimes.com/tag/securities-and-exchange-commission.html">Securities and Exchange Commission</a> (SEC), “The sale of the Shares was approved by the <a rel="noopener noreferrer nofollow" title="United States" href="https://thebittimes.com/tag/united-states.html">United States</a> District Court for the Southern District of New York pursuant to an interlocutory sales order (the “Order”), granted on August 28, 2023, providing for the sale of the Shares to the Company free and clear of any claims, interests, liens and encumbrances.”</span></p>  
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 </div> 
 <h2 id="span-data-preserver-spaces-true-what-is-the-share-purchase-priced-at-span"><span data-preserver-spaces="true">What Is the Share Purchase Priced At?</span></h2> 
 <p><span data-preserver-spaces="true">In the official filing with the SEC, the agreement states that the USMS will sell the share set at approximately $10.96, determined through the average per-share price of Robinhood’s share over five consecutive trading days before August 13, 2023. As per the filing, the date used for calculating the price was “the date on which the <a rel="noopener noreferrer nofollow" title="United States" href="https://thebittimes.com/tag/united-states.html">United States</a> filed a motion under seal with the <a rel="noopener noreferrer nofollow" title="United States" href="https://thebittimes.com/tag/united-states.html">United States</a> District Court for the Southern District of New York requesting the Order.”</span></p> 
 <p><span data-preserver-spaces="true">The total amount for purchasing 55 million shares at $10.96 per share comes at a whopping $605,694,411.59, or approximately $605.7 million. In the official statements, Robinhood will make the purchase through the corporate cash available from its balance sheet. The acquisition deal shows Robinhood’s financial capability along with its commitment to uplift its market position and create value for its shareholders.</span></p> 
 <p>Also Read:&nbsp;Robinhood Wallet Now Supports Bitcoin, Dogecoin; Ethereum Swaps Enabled</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/robinhood-stock-jumps-amid-crypto-linked-share-purchase-deal-tbt61251.html">https://thebittimes.com/robinhood-stock-jumps-amid-crypto-linked-share-purchase-deal-tbt61251.html</a></p>

Robinhood Stock Jumps Amid Crypto Linked Share Purchase Deal

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