Robinhood completed on Thursday a buyback of $606 million in seized shares that were once in the hands of FTX founder Sam Bankman-Fried, according to an SEC filing, following a court’s approval earlier in the week. 

The shares were valued at $450 million when the U.S. Justice Department (DOJ) took custody of them in January. Just a month prior, Bankman-Fried was arrested and charged with over a dozen crimes related to the collapse of crypto exchange FTX last November. The founder has pleaded not guilty and awaits trial schedule for October.

Robinhood said in Thursday’s filing that it had used corporate cash on its balance sheet to make the repurchase of the FTX founder’s shares. District Judge Lewis Kaplan, who ordered a deal could take place and oversees Bankman-Fried’s criminal fraud case, ruled the DOJ could’ve rejected Robinhood’s offer if it benefited people associated with the disgraced crypto mogul’s alleged crimes.

“The [U.S. Marshalls Service] or their designees are authorized to pursue a private sale of the Robinhood Shares,” he wrote, adding the move is “in the best interests of the relevant stakeholders.”

Robinhood’s share price was up around 3% on the day, as of this writing, and its market capitalization was over $10 billion. Robinhood’s Chief Financial Officer Jason Warnick

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Author: André Beganski

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