United

Million

<div class="textg" style="text-align: justify;font-weight: lighter;line-height: 1.3em;font-size: 15px;border-radius: 3px;color: #80909a;padding: 10px;background-color: #F4F6F9;margin-bottom: 15px">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Robinhood is all set to <a aria-label="claim (opens in a new tab)" href="https://www.reuters.com/markets/deals/robinhood-usms-sign-share-repurchase-agreement-bankman-frieds-stake-2023-09-01/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">claim</a> its shares back from Fidelity Technologies, the company co-founded by FTX’s Sam Bankman-Fried. The firm revealed new details about its recently minted pact, adding that it had entered into a repurchase agreement with the United States Marshal Service to claim its shares worth $605 million.</p> 
<h3 id="robinhood-to-buy-back-shares-worth-605-million-from-fidelity-technologies">Robinhood to Buy Back Shares Worth $605 Million From Fidelity Technologies</h3> 
<p>After indulging in several legal discussions, Robinhood has finally struck a repurchase deal with the United States Marshal Service to purchase<a href="https://tokenist.com/firm-that-held-sbfs-56m-hood-shares-files-for-bankruptcy/" rel="dofollow" class="deco-link"> back its shares</a> worth $605 million. Robinhood’s shares were earlier seized by the agency and were later transferred to USMS after the dramatic FTX collapse that jolted the cryptocurrency domain in its entirety.</p> 
<p>The online brokerage firm quickly shared additional details, adding that the US District Court for the Southern District of New York has approved the sale of its 55.3 million shares for $10.96 per share.</p> 
<p>The company later <a aria-label="shared (opens in a new tab)" href="https://www.marketwatch.com/story/robinhood-buys-back-shares-from-the-u-s-marshal-service-originally-owned-by-ftx-founder-sam-bankman-fried-6bdc17e2" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">shared</a> that it has paid $605 million to purchase its stake back from <a href="https://tokenist.com/investing/robinhood-vs-fidelity/" rel="dofollow" class="deco-link">Fidelity</a>, which constitutes 6.1% of its market capitalization.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="robinhood-shares-up-3-on-the-news">Robinhood Shares Up 3% On the News</h3> 
<p>Robinhood’s shares are up 3% as news of the firm buying back its stake from Fidelity went viral on multiple social media circuits. The firm’s shares currently trade for $11.21, displaying a positive market stance.</p> 
<p>Robinhood was engaged in <a aria-label="vigorous (opens in a new tab)" href="https://www.cnbc.com/2023/02/08/robinhood-plans-to-buy-back-sam-bankman-frieds-578-million-stake.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">vigorous</a> talks with the US Department of Justice to claim back its stake that the firm had earlier sold to Bankman Fried’s Fidelity Technologies. At the time of the sale, FTX was thriving, with plans to expand globally. It was later revealed that FTX had received hundreds of millions of dollars from <a aria-label="Alameda (opens in a new tab)" href="https://www.coindesk.com/policy/2022/12/27/ftxs-sam-bankman-fried-borrowed-from-alameda-to-buy-robinhood-shares/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Alameda</a> to purchase a significant stake in Robinhood.</p> 
<p>Robinhood first revealed its intention to buy back its shares from Fidelity in February 2023. The firm had held multiple sessions with the DOJ to claim back its stock from the bankrupt firm, which has now been finally cleared for the firm to claim and keep.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>What do you think of Robinhood’s repurchase agreement? Let us know in the comments below!</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/hood-up-3-as-firm-buys-back-605m-worth-of-its-shares-sezied-from-sbfs-company/">HOOD Up 3% as Firm Buys Back $605M Worth of its Shares Seized from SBF’s Company</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

HOOD Up 3% as Firm Buys Back $605M Worth of its Shares Seized from SBF’s Company

Table of Contents

Tokenist

Alte articole publicate pe 1 sept. 2023

Max Keiser Prediksi Krisis Ekonomi sebagai Titik Awal Standar Bitcoin

Bitcoin risks ‘swift’ $23K dive after BTC price loses 11% in August

XRP Lawsuit Update: Ripple to Respond to SEC’s Interlocutory Appeal Today!

SEC Might Prepare Argument to Reject Bitcoin ETF – Berenberg

Presidential Candidate RFK Jr.: Weaponized USD Created BRICS

LINK Price Analysis: Will Chainlink Break the $8.5 Barrier Or Drop to $3″

Join our free newsletter for daily crypto updates!