Shares of Robinhood Markets Inc. rocketed higher in after-hours trading Thursday after a filing revealed that Sam Bankman-Fried, the chief executive of cryptocurrency exchange FTX Trading, has taken a 7.6% stake in the popular trading platform’s stock.
Bankman-Fried has amassed 56.27 million shares of Robinhood HOOD, +5.03%, according to the filing, which came out after Thursday’s closing bell.
Robinhood shares rose 23% in after-hours trading Thursday.
The move comes following a sharp recent slide in Robinhood’s share price. The stock has lost more than half its value so far this year, as of Thursday’s close. It also comes amid a tough stretch for cryptocurrency markets.