According to TechFlow, on September 10, Cointelegraph reported that the bankrupt cryptocurrency exchange FTX reached an important agreement with Emergent Technologies on the ownership of Robinhood shares. According to the legal documents filed by FTX CEO John Ray III to the Delaware Bankruptcy Court on September 6, 2024, FTX will pay Emergent $14 million to resolve the latter's administrative expenses for withdrawing 55 million shares of Robinhood shares and related cash claims.
According to public information, Emergent acquired approximately 56 million shares of Robinhood through an agreement with Sam Bankman-Fried and Alameda Research in May 2022, which was valued at approximately $600 million at the time. After the collapse of FTX, the U.S. Department of Justice seized these shares in accordance with the law in January 2023. Subsequently, FTX, BlockFi, Bankman-Fried, and Emergent all claimed ownership or interests in these shares. On September 1, 2023, the above shares were repurchased by Robinhood for approximately $606 million.
