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SBF Took $546M Loan From Alameda to Buy Robinhood Shares

FXT founder and former CEO Sam Bankman-Fried (SBF) borrowed over $546 million from his trading house, Alameda Research, to purchase a 7.6% stake in Robinhood earlier this year. According to an affidavit filed in the High Court of Justice Antigua and Barbuda on December 12 before the arrest of SBF, the former billionaire teamed up with FTX co-founder Zixiao (Gary) Wang to borrow the funds. They were used to support Emergent Fidelity Technologies, another FTX affiliate, to...

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FTX Battles for Control of $450M Robinhood Shares in US Bankruptcy Court

Sam Bankman-Fried’s bankrupt cryptocurrency exchange FTX is seeking help from a United States Bankruptcy Court to gain control of $450 million worth of Robinhood shares. The portfolio holds 56 million brokerage shares owned by Emergent Fidelity Technologies, a corporate entity incorporated in Antigua and Barbuda. In March, these shares represented a 7.6% stake in Robinhood and were acquired by FTX’s founder and former CEO, Sam Bankman-Fried (SBF). FTX in Court Battle Over...

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Citi Downgrades Robinhood Stock to Neutral, Cites FTX Fallout Concerns

Citi downgraded Robinhood Markets (HOOD) stock to ‘Neutral’ from ‘Buy’ due to potential risks from upcoming market structure proposals by the United States SEC, a cautious equity market outlook, and the impact of bankrupt-platform FTX spilling over the crypto trading revenue and client base. The analyst stated that the timing of that is “uncertain.” It is also important to note that the implosion has removed it from the list of possible Robinhood acquirers. Citi analysts...

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Robinhood’s Crypto Revenue Dropped by 12% Last Quarter

As the valuation of cryptocurrencies wanes across the board, so do the revenues of platforms dealing with them. Although primarily a stock trading platform, Robinhood added crypto to its portfolio back in early 2022. At the time, over 1.2 million people were on the waiting list to get a piece of the digital asset pie. Unfortunately, the crypto market took a tumble shortly after – and the company’s revenues did too. Stocks Are Up, Crypto Is Down According to Robinhood’s...

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Robinhood Crypto Division Hit with $30 Million Fine

The crypto division of the popular trading app Robinhood has been slapped with a $30 million fine in New York after the company allegedly violated cybersecurity regulations and anti-money laundering laws. The penalty was handed down by the New York State Department of Financial Services, which accused the company of failing to utilize proper resources to halt illicit trading activity on its platform. Robinhood Has Landed in Hot Water A press release involving the matter...

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Robinhood Net Revenue Slided 43% With Crypto Trading Down 39%

The millennial-focused exchange Robinhood has experienced a sharp decline in trading activities for Q1 2022, according to the company’s latest financial report. The broader crypto market remaining bearish and the recent global equity selloffs have contributed to the disappointing financial figures, the report suggested. The Q1 report stated that the company’s total net revenue was $299 million, a 43% decrease from $522 million in the first quarter of 2021. Transaction-based...

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