Online broker Robinhood intends to repurchase 55 million shares of its company stock valued at $605.7 million, previously owned by FTX founder Sam Bankman-Fried, according to an SEC filing.
The Southern District of New York court approved the deal last August 28.
Following the collapse of the crypto exchange, the US Department of Justice seized the securities of its former CEO.
The transaction itself was completed on May 13 last year. At that time, an FTX-affiliated organization bought 56.28 million shares of the online broker for $648.29 million, the assets were held by ED&F Man Capital Markets.
In late December, Bankman-Fried said in court testimony that he and the trading platform's co-founder, Gary Wang, formed Emergent Fidelity Technologies to buy a 7.6% stake in the financial platform.
Robinhood first announced plans to buy back the shares in February.