Sam Bankman-Fried – the billionaire founder and currently Head of crypto exchange FTX – has reportedly completed the acquisition of a substantial 7.6% stake in the well-known online brokerage, Robinhood. 

Specifically, the market has reportedly expressed a positive attitude towards this development, with Robinhood’s stock price experiencing an initial surge of more than 30% in after-hours trading. At the time of writing, the price has achieved a 24% overall incline.

As detailed within a securities filing submitted to the US Securities and Exchange Commission (SEC), Bankman-Fried reportedly completed the acquisition for an overall figure of $648 million in Robinhood shares for an average price of $11.52.

The purchases revealed by Bankman-Fried reportedly commenced in mid-March and were ongoing until 11th May.

As per the securities filing, Bankman-Fried reportedly offered a clear explanation that he had “no intention of taking any action toward changing or influencing the control of [Robinhood],” and that the primary force fueling his decision was simply due to the fact that he viewed Robinhood as an “attractive investment.”

Robinhood’s communications team reportedly made a Twitter post to also compete with the detail Bankman-Fried claimed in his securities filing — tweeting to their 82,000 followers, “Of course, we think it is an attractive investment too.”

Of course, we think it is an attractive investment too. We have the best customer base, are introducing great new products, and have the team to deliver.

A company from Antigua dubbed Emergent Fidelity Technologies Ltd – of which Bankman-fried is the sole director and majority owner – was reportedly in charge of the execution of the transaction.

Robinhood has reportedly been ramping up its efforts throughout the crypto sphere, as profit generated from stock-associated trading has been suffering from a terrible slump.