May 12 Reuters Samuel BankmanFried, the chief executive and founder of cryptocurrency exchange FTX, revealed a 7.6 stake in Robinhood Markets Inc on Thursday, capitalizing on the weakness of the shares of the trading app to build a position.

BankmanFried said in a regulatory filing he did not have any intention of taking control of Robinhood. The company39;s dualclass shares currently give Robinhood39;s founders control of 64 of the voting shares outstanding.

A person familiar with the matter said that BankmanFried had not informed Robinhood of any plans to merge it with his FTX platform.

BankmanFried said in the filing that it was possible that his position may evolve and he could end up pushing for changes. He disclosed he started building his stake in Robinhood in the middle of March. According to a filing with the Securities and Exchange commission, he now owns more than 56 million shares, which he purchased for more than 648 million.

Shares of Robinhood were up more than 27 in afterhours trading following the disclosure, as investors cheered BankmanFried39;s show of confidence in the beatenup stock. The company has struggled to meet Wall Street expectations since its IPO last year.

Robinhood39;s communication team tweeted that they agree with BankmanFried that the company is an attractive investment.

We have the best customer base, are introducing great new products, and we have the team to deliver. Our journey is just beginning, the team said.

FTX, which…