Sam Boughedda

Investing.com — Brokerage shares Robinhood Markets Inc (NASDAQ: ) jumped early Friday trading, after it became clear in a Securities and Exchange Commission file that Sam Bankman Fried (CEO of crypto exchange FTX), had taken a position at the company.

Bankman-Fried purchased the 7.6% share in Robinhood through Emergent Fidelity Technologies. This is an investment company he owns. Robinhood shares were purchased at $648 million, an average of $11.52.

According to the filings, the CEO of FTX stated it was an “attractive” investment.

He stated in the filing that he did not intend to “currently take any action toward changing, or influencing, control of Robinhood.” 

He did however not rule out the possibility of future changes. Although they do not currently intend to make any, they stated that “in future and depending on their circumstances,” they might decide to take “other actions” with regard to their investments.

This includes “reviewing the options for increasing stockholder value through various strategic alternatives, operational or management initiative; and acquiring additional Shares or other securities of Issuer.”

Robinhood shares rose 17% Friday