Emergent Fidelity, a company in which SBF holds a 90% stake, has filed for Chapter 11 bankruptcy protection

ChainCatcher news, Emergent Fidelity Technologies, co-founded by FTX founder SBF and former CTO Gary Wang, filed for Chapter 11 bankruptcy protection on Friday evening. It is reported that Emergent Fidelity holds 56 million shares of Robinhood Markets (HOOD). Based on Friday's closing price, these 56 million shares of Robinhood are worth over $600 million, and the only other asset owned by Emergent Fidelity is $20.7 million in cash.

It is reported that SBF owns 90% of Emergent Fidelity, while Gary Wang owns the remaining 10%. BlockBeats previously reported that last November, cryptocurrency lending company BlockFi sued Emergent Fidelity Technologies, a company under FTX founder SBF, demanding the return of Robinhood (HOOD) shares that were used as collateral for a loan. (source link)