Robinhood shares rose 21% after CEO of major crypto exchange purchased a stake. This was just one day after the chief executive officer of an app for retail investors, took his share in Robinhood.

A document submitted to the Securities and Exchange Commission shows that Emergent Fidelity Technologies, an entity named “Emergent Fidelity” took a 7.6% share in Robinhood earlier this month. The stake was worth $648 Million. Also, Emergent was revealed to be majority and sole owner by Sam Bankman Fried (the founder of FTX in Bahamas). FactSet data indicates that Emergent now holds the third-largest Robinhood stake.

Robinhood shares closed Thursday at $8.56, on the same day that the document was filed. It was approximately 77% lower than its July IPO share price.

Bankman Fried bought the shares as they were “attractive investments,” according to the filing. He “intends” to retain the shares and does not intend to change or influence the control of the issuer.

However, he might “occasionally engage in discussions with management”.

Robinhood’s communication team stated that “Ofcourse we believe it is an attractive investor too.” tweet Thursday evening in response to the news of the investment.

According to the document, Bankman-Fried is also able to review options for increasing stockholder value by, among others, various strategic alternatives, operational, or management initiatives. The document also stated that he may acquire additional shares.

FTX is the largest crypto exchange in the world. It provides spot and derivative trading as well as products that can be used to help more advanced traders. CoinbaseAnd Binance. The company offers its services in the U.S. via a separate entity, FTX U.S.

Although Robinhood started in stock trading in the beginning, its success with crypto trading was huge. The company has made crypto trading a major part of its bottom line. Robinhood’s fall announcement revealed that it had acquired its crypto trading platform. testing a crypto wallet and said the waitlist for it had topped 1 million customers.