Sam Bankman-Fried, the billionaire founder and CEO of cryptocurrency exchange FTX, has acquired a substantial 7.6% stake in the popular online brokerage, Robinhood. The news was well-received by the market, with Robinhood’s stock price initially soaring over 30% in after-hours trading. At the time of writing, the price has settled to a 24% overall gain. According to a securities filing made with the United States Securities and Exchange Commission (SEC) on Thursday, Bankman-Fried purchased a total of $648 million in Robinhood shares at an average price of $11.52. The purchases disclosed by Bankman-Fried reportedly began in mid-March and continued until …

Bad news continues to dominate crypto media headlines and May 12's juiciest tidbit was the unexpected collapse of the Terra ecosystem. In addition to the weakness seen in equities, listed companies with exposure to blockchain startups and cryptocurrency mining have also declined sharply. Bitcoin mining stocks continue bleeding... Mining investors probably wish they had simply bought bitcoin instead at the beginning of 2022, as most bitcoin mining stocks have underperformed bitcoin by a wide margin. pic.twitter.com/anSoUEoUJ1 — Jaran Mellerud (@JMellerud) May 11, 2022 While it may be easy to blame the current pullback solely on Terra's implosion, the truth is …

Digital asset manager Grayscale has made its flagship Bitcoin (BTC) and Ether (ETH) products available on Robinhood, the popular trading app open to millions of retail users. Beginning on Friday, Robinhood users will be able to trade Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) directly through the app. Shares of GBTC provide investors with direct exposure to Bitcoin in the form of a security without having to buy or store the digital asset directly. ETHE, meanwhile, operates as an open-end investment company whose shares reflect the value of Ether held by the trust. Finally! You can now trade Grayscale …

On April 28, discount-brokerage platform Robinhood published its financial results for the first quarter of 2022. Year-over-year, the firm's net revenue declined by 43% to $299 million. Specifically, revenue from cryptocurrency trading fell by 39% to $54 million during the same period. This was partly due to a decrease in the interest in meme stocks as well as an ongoing cryptocurrency bear market that dominated much of the first three months of the year. However, despite a decrease in sales, the company's net cumulative funded accounts rose by 27% year-over-year to 22.8 million. At the same time, total assets under …

Popular retail trading platform Robinhood has fired 9% of its workforce amid a firesale of its stock that has seen HOOD plunge to all-time lows. In the past 30 days alone, HOOD has tanked roughly 38% to sit at $9.99 at the time of writing, marking the lowest price since the initial public offering launch in mid-2021. The decline is part of a longer-term bearish trend that has seen the price of HOOD continually decrease since its all-time high of roughly $70.39 on Aug. 4, 2021, according to TradingView. Robinhood publicly announced its staff readjustment via a Tuesday blog post …

Robinhood, a major cryptocurrency-friendly stock trading app, is pushing global expansion by acquiring the United Kingdom-based crypto asset firm Ziglu. Robinhood officially announced Tuesday that it had signed a deal to acquire Ziglu, subject to regulatory approvals and other closing conditions. The firm declined to disclose the size of the deal to Cointelegraph. “Subject to regulatory approval, in the near term, nothing will change for current Ziglu customers. Longer-term, we’ll integrate Ziglu more fully into Robinhood, bring the Robinhood brand overseas and work to expand operations beyond the U.K. into Europe,” the spokesperson for Robinhood said. The acquisition aims to …

Robinhood CEO Vladimir Tenev took to Twitter on Thursday afternoon to explain how Dogecoin (DOGE) could become the “future currency of the Internet.” In a thread of 12 posts to his nearly 200,000 followers, Tenev outlined what steps need to be taken to transform the memecoin into a usable asset for everyday payments and transactions on the internet. Can #Doge truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take. — VLAD (@vladtenev) April 14, 2022 Tenev began by drawing attention …

ApeCoin's (APE) market valuation could grow by nearly 250% in the second quarter of 2022 as it breaks out of a widely-tracked, classic technical pattern. APE price "bull pennant" breakout underway On April 13, APE's price broke above the upper trendline of what appears to be a "bull pennant" chart pattern. Bull pennants appear when the price consolidates inside a triangle-like structure following a strong uptrend. Many traditional analysts consider them as continuation patterns, for they typically result in the price breaking out in the direction of its previous trend. As a rule, traders estimate a bull pennant's upside target …

Shiba Inu (SHIB) prices soared on April 12 upon its debut on Robinhood, a U.S.-based commission-free trading platform. SHIB price climbed by more than 35% to 0.00003, its highest level in almost two months, before paring some gains. Nonetheless, SHIB was still on track to log its best daily performance since Feb. 6 when it rallied by nearly 27%. Strong crypto revenues precede SHIB's listing Robinhood emerged as a go-to avenue for everyday investors since the pandemic's start in March 2020. Last year, the retail brokerage added 10 million funded accounts to its platform, with more than half of the …

Cryptocurrency and stock trading app Robinhood will roll out its digital wallet feature for 2 million additional users. In a Thursday announcement at the Bitcoin 2022 conference in Miami, Robinhood chief product officer Aparna Chennapragada said eligible customers which had been on the waitlist for the digital wallet could now send and receive cryptocurrencies — more than two million people. In addition, the platform is planning to integrate the Bitcoin Lightning Network to reduce the time and cost of transactions as well as their carbon footprint. Super pumped to announce on the #Bitcoin2022 stage that @RobinhoodApp has rolled out wallets …

Cryptocurrency advocates in the United States have been increasingly putting efforts to support the industry, with crypto lobbying spending growing significantly in recent years. Crypto-related lobbying expenditure in the U.S. totaled at $4.9 million in 2021, more than doubling from $2.3 million in the previous year, according to a new study by the crypto analytics startup Cryptohead.io. The study is based on lobbying tracking data obtained from research and government transparency group Open Secrets. According to Cryptohead’s findings, the total lobbying expenditure over the past five years amounted to more than $9.5 million. Back in 2017, the total spending on …

Online retail investing platform Robinhood has released its long awaited crypto wallet for beta testing which will finally enable users to withdraw crypto from the platform. The first 1,000 users that signed up to the waitlist for ‘Wallets’ are eligible to take part in beta testing. Wallets testers will be able to withdraw crypto valued up to $2,999 over a maximum of 10 total transactions daily. Robinhood is a financial services platform backed by Citadel Securities that offers stock and crypto trading. Robinhood’s crypto purchaser users have awaited the release of Wallets since mid 2021 when the waitlist was first …