Emergent Fidelity Technologies, co-founded by FTX founder SBF and former executive Gary Wang, filed for Chapter 11 bankruptcy protection on Friday, CoinDesk reported. Emergent Fidelity owns 56 million Robinhood Markets (HOOD) shares, worth more than $600 million based on Friday's closing price. Additionally, the only other asset held by Emergent Fidelity is $20.7 million in cash, according to Bloomberg. It is reported that SBF holds 90% of the shares of Emergent Fidelity, and Gary Wang holds the remaining 10% of the shares. According to previous news, the U.S. Department of Justice (DOJ) seized the Robinhood shares held by Emergent Fidelity Technologies, and now the encrypted lending agency BlockFi, FTX creditors and SBF itself are trying to compete for these shares.