Financial services company, Robinhood Markets Inc., has announced its intention to purchase the 55 million of its shares that FTX-linked Emergent Fidelity Technologies bought in May 2022.
The shares, worth over $550 million, are currently the subject of a creditor dispute in the FTX bankruptcy case.
The ownership of the shares is disputed among BlockFi, FTX creditor Yonathan Ben Shimon, and Emergent Fidelity co-founder Sam Bankman-Fried.
However, the US Department of Justice has seized the shares and Robinhood is in discussions with the DoJ about buying back the stake.
Robinhood stated in its earnings report that the proposed share purchase shows the confidence its board of directors and management team have in the business.
Despite the ongoing dispute, Robinhood remains confident in its future and has demonstrated this with the proposed purchase.
