Robinhood shares up 10% to $4.20 per share
The stock of robinhood, an Israeli cryptocurrency, rose 10 percent on Friday, a day after a court ruling in favor of its creators that the government cannot halt their operations.
The stock had fallen as much as 15 percent by mid-day on Friday.
In response to the ruling, the government said it would no longer ban robinhodes.
The cryptocurrency’s founders say that they were forced to shut down the website after the Israeli government barred them from operating in the country.
In addition to the price gain, the share price of robanhood increased on Friday from around $3.00 per share to $5.75.
The value of robenhood soared after the announcement of the ruling.
It jumped more than 80 percent in the first hour after the ruling and is now trading at $4,215 per share.
The government, however, has yet to make a formal announcement on the fate of the company.
It will likely need the ruling to be appealed.