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Robinhood to Buy Back Sam Bankman-Fried's Stake for $605.7M
The 55 million HOOD shares were owned by Sam Bankman-Fried and fellow FTX co-founder Gary Wang through Emergent Fidelity Technologies
Sep 1, 2023, 1:42 p.m.
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Popular trading platform Robinhood (HOOD) has agreed with the United States Marshal Service (USMS) to buy back $605.7 million in stock previously owned by Sam Bankman-Fried, founder of the now-bankrupt crypto exchange FTX.
The U.S. government seized the 55 million HOOD shares owned by Bankman-Fried and fellow FTX co-founder Gary Wang through Emergent Fidelity Technologies holding company around the start of this year.
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The share repurchase agreement was approved by the U.S. District Court for the Southern District of New York on Aug. 28, according to a U.S. Securities and Exchange Commission Filing dated Aug. 30.
Robinhood shares climbed around 3% to $11.21 during the early Friday trading session.
Read More: Robinhood and Jump Trading No Longer Have Crypto Partnership: Source
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American crypto holders are scared and confused about this year’s new IRS tax rules
Crypto tax platform, Awaken Tax, polled 1,000 crypto holders about a radical shift from self-disclosure to automatic reporting of transactions.
Ano ang dapat malaman:
- New rules compel crypto exchanges like Coinbase to issue a Form 1099-DA to the IRS this week.
- The rules are a “blunt instrument,” according to Awaken Tax founder Andrew Duca, created by legislators who know nothing about crypto.
- The onus falls on the holder of crypto to “patch” what’s missing in terms of their crypto acquisition costs and actual tax basis.
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