Known as Bitcoin and altcoin billionaire, Sam Bankman-Fried’s fortune has halved since the end of March. His net worth, previously $22 billion, is now $11 billion, according to the Bloomberg Billionaire Index. The billionaire believes that the crypto market will not go to zero and will instead rally with stocks.
Bitcoin billionaire Sam Bankman-Fried stays on the rise in crypto
Sam Bankman-Fried’s decision to hold cryptocurrencies has led to the continued market decline, which owns various digital currencies including Bitcoin. It is similar to the decision of billionaire businessman Elon Musk, who refused to sell, despite the fact. Other corporate identity holders such as Michael Saylor of Microstrategy support the same views.
By the way, as we reported on Kriptokoin.com, the famous billionaire bought a 7.6% stake in Robinhood as of Thursday, amid the storm in the cryptocurrency market. After paying approximately $648.3 million for the acquisition, Sam Bankman-Fried’s position was equivalent to $56 million of shares in Robinhood (HOOD), the leading online brokerage firm.
Sam Bankman-Fried, who has made it clear that he has no intention of taking any action that would alter or affect the control of the crypto exchange Robinhood, simply described Robinhood as an “attractive investment”. He says he saw it.
FTX Crypto Exchange will qualify for New York Charter
On the other hand, the billionaire’s FTX Crypto Exchange has also made a new move, reportedly filing for a New York Charter contract with the State Department of Financial Services . The New York Charter agreement will transform FTX into one of New York’s Limited Kiabicity Trust Companies.
If FTX is approved, the company’s US-based subsidiary will be able to offer crypto trading services to an established New York client base. Additionally, their services will not be limited to this location alone, but will be limited to many other states with no pressure to apply for additional licenses.
FTX.US’s valuation rose to $8 billion following successful closing of Series A financing. With its banking charter, FTX.US will make headlines again as a sub-custodial service provider for financial institutions.
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