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Stock-trading app Robinhood on Friday said it paid nearly $606 million to repurchase shares held by an affiliate of jailed crypto king Sam Bankman-Fried.

Why it matters: Robinhood shares jumped on the news, as it became the latest company to disentangle from the former FTX CEO.

Details: The repurchase covers all 55,273,469 shares bought in May 2022 by Emergent Fidelity Technologies, which represents over 7% of Robinhood's outstanding shares. 

It was conducted via an agreement with the U.S. Marshal Service.

Robinhood buys back shares once owned by Sam Bankman-Fried

Robinhood is the latest company to disentangle itself from the jailed crypto king.

Photo illustration of Sam Bankman-Fried with a Robinhood logo tucked behind his ear.

Photo illustration: Gabriella Turrisi/Axios. Photo: Lam Yik/Bloomberg via Getty Images

Sam Bankman-Fried

Stock-trading app Robinhood on Friday said it paid nearly $606 million to repurchase shares held by an affiliate of jailed crypto king <a class="gtmContentClick" data-vars-link-text="Sam Bankman-Fried" data-vars-click-url="https://www.axios.com/economy-business/ftx" data-vars-content-id="03e2af5b-4ca9-4f63-ba1b-216c23786af1" data-vars-headline="Robinhood buys back shares once owned by Sam Bankman-Fried" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/economy-business/ftx" target="_self">Sam Bankman-Fried</a>.Why it matters: Robinhood shares jumped on the news, as it became the latest company to disentangle from the former FTX CEO.

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Robinhood buys back shares once owned by Sam Bankman-Fried

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