FTX CEO Refuses To Sell His Crypto Holdings; But Can He Save Crypto?

Bankman-Fried’s fortune has been split in half since March ending. Based on the Bloomberg Billionaire Index, he now has a net worth $11 billion, which was previously $22 billion. He believes the crypto market is not going  down to zero, and would instead recover with stocks.

Sam Bankman-Fried Remains Bullish On Crypto

Bankman-Fried’s decision to hold his Cryptocurrencies are akin to that of Billionaire Elon Musk, who holds a variety of digital currencies including Bitcoin, and has refused to sell despite continuous market dip. Other institutional holders like Microstrategy’s Michael Saylor also uphold the same views. 

Meanwhile, the billionaire’s Robinhood 7.6% share purchases from Thursday, has taken the Cryptocurrency market by storm. 

After paying about $648.3 million for the purchase, Sam Bankman-Fried’s position was equivalent to $56 million shares of Robinhood (HOOD), the prominent online brokerage.

He made it clear that he had no intentions of carrying out any action that’ll change or influence the control of Robinhood. He pointed out that he simply saw Robinhood as an “attractive investment”.

FTX Exchange applies for New York Charter

On the other hand, the Billionaire FTX Crypto Exchange is also making moves, as it reportedly applied for a New York trust charter with the State’s Department of Financial Services. 

A New York Charter would turn FTX into one of New York’s Limited Kiabikity Trust Company. 

If FTX is approved, the company’s US based affiliate will be able to offer its crypto trading services to an established New York client base. Additionally, its services would not be limited to this place alone, but to many other states without the pressure of applying for additional licenses. 

The valuation of FTX.US has climbed to $8 billion following the successful closing of Series A funding. With the banking charter, FTX.US would make headlines again, as a sub custody service provider to financial institutions.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.