TechFlow reports that on September 10, according to Cointelegraph, the bankrupt cryptocurrency exchange FTX reached a significant agreement with Emergent Technologies regarding ownership of Robinhood shares. As detailed in legal filings submitted by FTX CEO John Ray III to the Delaware bankruptcy court on September 6, 2024, FTX will pay Emergent $14 million to settle administrative claims related to Emergent's withdrawal of claims over 55 million Robinhood shares and associated cash.
Public records show that in May 2022, Emergent acquired approximately 56 million Robinhood shares through an agreement with Sam Bankman-Fried and Alameda Research, valued at around $600 million at the time. After FTX's collapse, the U.S. Department of Justice seized these shares in January 2023. Subsequently, multiple parties—including FTX, BlockFi, Bankman-Fried, and Emergent—asserted ownership or interest claims over the shares. On September 1, 2023, Robinhood repurchased these shares for approximately $606 million.
