Sam Bankman Fried is the founder and CEO, a billionaire, of crypto exchange FTX. He has now acquired a significant 7.6% stake in Robinhood, an online brokerage (NASDAQ:).

The news was well received by the market, with Robinhood’s (HOOD) stock price initially soaring over 30% in after hours trading. As of the writing, the overall price gain has been 24%.