Robinhood has been approved by a federal court in the Southern District of New York to repurchase shares seized from Sam Bankman-Fried’s Emergent Fidelity Technologies for $605.7 million. Bankman-Fried had previously held a 7.6% stake in Robinhood, and had expressed enthusiasm about the company’s prospects. However, the bankruptcy of FTX led to the seizure and dissolution of his fortune. Robinhood will buy back 55.3 million shares at $10.96 each, utilizing corporate cash from its balance sheet. Bankman-Fried sought to retain ownership of Robinhood shares worth $450 million, but was unsuccessful. Robinhood has demonstrated strength within the crypto market, with the fifth-largest wallet on Ethereum, amounting to $2.54 billion in ETH and more than 100 ERC-20 tokens collectively valued at over $177 million. The trading app company also owns the third-largest Bitcoin wallet globally, holding about $3 billion worth of BTC.

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Information	Details
Geography	North America
Countries	🇺🇸 🇯🇵
Sentiment	neutral
Relevance Score	8
People	Sam Bankman-Fried, Alameda Research, Gary Wang
Companies	Alameda Research, FTX, U.S. Marshal Service (USMS), Emergent Fidelity Technologies, Robinhood
Currencies	Ethereum, Bitcoin, US Dollar
Securities	None