Jakub Zablocki, co-founder of XTB, has sold over 9.4 million shares of the Polish online trading platform at a price of PLN 78 each, raising a total of PLN 733.6 million (around $194 million), according to recent regulatory filings.
Zablocki Remains XTB’s Largest Shareholder
The shares were sold through XX ZW Investment Group, the vehicle through which Zablocki holds his stake in XTB. The latest sale represents approximately 8 per cent of the company’s total issued shares.
Prior to this transaction, Zablocki held 43.78 per cent of XTB’s shares. His stake is now reduced to 35.78 per cent. He sold the shares at PLN 78, a 7.7 per cent discount to the company’s Monday closing share price.
“The shareholder’s intention is to remain a strategic investor in the company and to continue to support the company in its dynamic development,” XTB stated in its announcement (translated from Polish).
Zablocki served as Chief Executive of XTB until early 2017. He remained on the board of directors until October last year and now acts as an Advisor to the Board.
Zablocki’s Gradual Exit from XTB
Zablocki, still XTB’s largest shareholder, has been gradually reducing his stake over the past two years. In May 2023, he sold $64.5 million worth of shares, followed by two more disposals last year: one in February, worth $119.4 million, and another in September for $135 million.
His remaining stake is now subject to a 180-day lock-up period, meaning he cannot sell any further shares for the next six months.
Meanwhile, XTB continues to expand both geographically and in terms of its product offering. It has also overtaken BM mBank to become Poland’s largest brokerage by number of accounts. As reported by FinanceMagnates.com, the broker added 25,400 new accounts in April, bringing its total in Poland to 491,700.
