It’s been a brutal year for Robinhood. The double drop in stocks and bitcoin crushed online broker sales. The company also reported a loss and drop in user numbers. The stock has fallen 40% this year and Robinhood recently announced a major round of layoffs.
But there might be hope on the horizon.
Shares of Robin Hood jumped more than 25% on Friday after an investment firm led by 30-year-old crypto billionaire Sam Bankman-Fried disclosed in a Filing with the Securities and Exchange Commission that he bought a 7.6% stake in the company.
Bankman-Fried, who runs startup FTX, a Bahamas-based cryptocurrency exchange, said in the filing that he bought shares of Robinhood because he thought they were an attractive investment. He added that his stake is intended to be a passive investment and that he currently has no intention of taking any action to alter or influence Robinhood’s control.
(Of course, Elon Musks’ initial investment in Twitter
(TWTR) seemed to be passive before the Tesla
(TSLA) and the CEO of SpaceX changed his mind and then decided to buy all of Twitter
(TWTR)an agreement which is now pending.)
FTX has taken the crypto world by storm, attracting over a million users since its launch in 2019, having its founder as a strategic investor in Robinhood could help give the brokerage more credibility, not to mention a backer with plenty of money at its disposal.
The private company FTX recently raised new funds which values the company at $32 billion. According to data tracked by Forbes, Bankman-Fried, who is also the founder of crypto trading firm Alameda Research, is worth $21.2 billion.
FTX had no further comment on Bankman-Frieds Robinhood’s participation. Robinhood released a statement on its verification on Thursday. Robinhood Communications Team Twitter Feedsaying they double down on building a multi-generational business where customers can create wealth for their generations.
Of course, we think it’s also an attractive investment. We have the best customer base, we launch great new products and we have the team to deliver. Our journey has only just begun, added Robinhood.
Bankman-Fried’s investment could help Robinhood get back on track. Robinhood, as well as its rival Coinbase, have struggled this year due to financial market volatility.
Shares of Coinbase, which plunged earlier this week following a lousy earnings report and weak outlook, rallied in tandem with Robinhood on Friday. Coinbase stock is up around 25%. But its shares are still down 30% this week and more than 70% this year.
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