{"id":72030,"date":"2022-12-28T11:50:58","date_gmt":"2022-12-28T09:50:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72030"},"modified":"2025-09-08T12:29:30","modified_gmt":"2025-09-08T09:29:30","slug":"bankman-fried-disclosed-alameda-loan-of-546-million-to-buy-robinhood-shares","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bankman-fried-disclosed-alameda-loan-of-546-million-to-buy-robinhood-shares\/","title":{"rendered":"Bankman-Fried disclosed Alameda loan of $546 million to buy Robinhood shares"},"content":{"rendered":"<p>FTX co-founders Sam Bankman-Fried (SBF) and Gary Wang borrowed $546.4 million from Alameda Research to buy a 7.6% stake in Robinhood. This is <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.njb.1094107\/gov.uscourts.njb.1094107.19.7.pdf\">\u0433\u043e\u0432\u043e\u0440\u0438\u0442\u0441\u044f<\/a> in court documents.<\/p>\n<p>In his testimony, SBF said that, together with Wang, he formed Emergent Fidelity Technologies to acquire the online broker&#8217;s securities.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI borrowed the amount of $491,743,563.39, and Gary \u2014 $54,638,173.71 from Alameda [Research]. All funds were capitalized in Emergent as working capital, so that the company could buy Robinhood shares\u201d, \u2014 the former FTX CEO explained.<\/p>\n<\/blockquote>\n<p>According to him, on April 30 they borrowed $316,667,182.50 and $35,185,242.50, and on May 25 \u2014 $175,076,380.89 and $19,452,931.21. The funds were disbursed in tranches over several days around the dates stated in the filing.<\/p>\n<p>On May 13, Antigua-registered Emergent Fidelity Technologies<a href=\"https:\/\/u1f987.com\/en\/news\/ftx-chief-acquires-7-6-stake-in-robinhood\"> acquired 56.28 million Robinhood shares<\/a> for $648.29 million.<\/p>\n<p>In July, the US unit <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-us-signs-deal-with-blockfi-with-option-to-acquire-the-lending-platform\">FTX<\/a> struck a deal with BlockFi. The agreement provided for a revolving loan facility of $400 million to the crypto-lending platform and an option to buy it back for $240 million.<\/p>\n<p>On November 28, BlockFi <a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-files-for-chapter-11-bankruptcy-protection\">initiated<\/a> bankruptcy proceedings in the United States. On the same day it filed a <a href=\"https:\/\/pacer-documents.s3.amazonaws.com\/109\/1094078\/118164201903.pdf\">complaint<\/a> against Emergent Fidelity Technologies, seeking to transfer collateral held by broker ED&#038;F Man Capital Markets.<\/p>\n<p>Subsequently the platform <a href=\"https:\/\/u1f987.com\/en\/news\/ft-blockfi-sues-the-ftx-founders-company-over-robinhood-shares\">filed a lawsuit<\/a> against the firm. According to the documents, on November 9 Emergent Fidelity Technologies entered into an agreement with BlockFi guaranteeing the payment of an unnamed borrower. As collateral, ordinary shares were used.<\/p>\n<p>According to media reports, the dispute concerned Robinhood securities. Journalists also obtained lending documents indicating that the subject of the dispute was Robinhood securities.<\/p>\n<p>In December, <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-seeks-court-protection-for-448-million-robinhood-stake\">FTX filed for court protection of the online broker&#8217;s stock package from creditors<\/a>.<\/p>\n<p>Earlier, Wang and former Alameda Research head Caroline Ellison <a href=\"https:\/\/u1f987.com\/en\/news\/caroline-ellison-and-gary-wang-plead-guilty-to-ftx-collapse-related-charges\">pleaded guilty<\/a> to charges related to the FTX collapse.<\/p>\n<p>Follow ForkLog\u2019s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX co-founders Sam Bankman-Fried (SBF) and Gary Wang borrowed $546.4 million from Alameda Research to buy a 7.6% stake in Robinhood. This was stated in court documents.<\/p>\n","protected":false},"author":1,"featured_media":72031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1236,1234,1403,1211],"class_list":["post-72030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ftx","tag-robinhood","tag-sam-bankman-fried","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"36","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=72030"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72030\/revisions"}],"predecessor-version":[{"id":72032,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72030\/revisions\/72032"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72031"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}