One of the biggest names in crypto is bullish on the future of Robinhood Markets. That makes sense. But others might think twice before settling down in Sherwood forest.
The disclosure on Thursday that Sam Bankman-Fried, the 30-year-old billionaire who founded the cryptocurrency exchange FTX, has bought a 7.6% stake in Robinhood sent the online brokerage’s shares soaring, up nearly 25% so far on Friday. To be sure, the stock is still down some 40% this year, and is nearly 90% off its peak price.