FTX pencils deal to access $600M in Robinhood shares

FTX debtors will pay Emergent $14 million to cover administrative expenses in exchange for the firm withdrawing any claims to $600 million in Robinhood shares and cash.

Bankrupt crypto exchange FTX has reached a deal with the Sam Bankman-Fried-founded Emergent Technologies over more than $600 million worth of Robinhood shares.

FTX will pay Emergent $14 million to cover administrative expenses related to it withdrawing a petition to claim 55 million Robinhood shares and cash, according to a Sept. 6 motion by FTX CEO John Ray III in a Delaware Bankruptcy Court.

The settlement also provides a path for Emergent to quickly resolve its bankruptcy case in Antigua.

FTX debtors will pay Emergent $14 million to cover administrative expenses in exchange for the firm withdrawing any claims to $600 million in Robinhood shares and cash.
Bankrupt crypto exchange FTX has reached a deal with the Sam Bankman-Fried-founded Emergent Technologies over more than $600 million worth of Robinhood shares.FTX will pay Emergent $14 million to cover administrative expenses related to it withdrawing a petition to claim 55 million Robinhood shares and cash, according to a Sept. 6 motion by FTX CEO John Ray III in a Delaware Bankruptcy Court.The settlement also provides a path for Emergent to quickly resolve its bankruptcy case in Antigua.Read more