FTX Cuts Down Claims That It Plans To Acquire Robinhood

Robinhood’s stock surged by 15% after Bloomberg reported that FTX was looking to acquire the popular trading app

share

key takeaways

  • Bloomberg reported digital assets exchange FTX is planning to purchase the TradFi-focused brokerage
  • Bankman-Fried previously purchased a 7.6% stake in the popular trading app

Crypto exchange FTX on Monday batted down a report that the company is angling to buy traditional finance brokerage Robinhood.

A spokesperson for the company told Blockworks “there are no active M&A conversations” with the retail-focused brokerage that predominantly trades equities and options — in addition to a relatively smaller crypto business. 

Bloomberg, citing anonymous sources, reported Sam Bankman-Fried — who has been on an acquisition spree throughout crypto’s turbulent time — was involved in the conversations to snap up the commission-free investing platform

Bloomberg reported that no formal takeover offer had been received and that FTX — or Robinhood — could choose to opt out of pursuing the deal.

“We are excited about Robinhood’s business prospects and potential ways we could partner with them, and I have always been impressed by the business that Vlad and his team have built,” the spokesperson said in a statement. “That being said there are no active M&A conversations with Robinhood.”

Robinhood stock surged by almost 15% soon after Bloomberg reported on FTX’s takeover but has since seen a price drop to below $9 in after-hours trading.

Bankman-Fried previously purchased a 7.6% stake in the popular trading app, according to a May SEC filing, leading Robinhood shares to soar by some 30%.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report cover graphics (1).jpg

Research

Wormhole is a suite of open-source, permissionless protocols used to move assets and queries across blockchains.  Despite being a common misconception, Wormhole is not just a token bridge. Nevertheless, protocols can build token bridges on top of Wormhole by leveraging the cross-chain messaging provided.

article-image

Ether is a commodity just up until the point it is not, or, ether is not a commodity just up until the point it is — whichever you prefer

article-image

The bull-market conference was filled with good feelings but little clarity on where the crypto industry is headed next

article-image

The Friday ruling was issued as a default judgment because Sameer Ramani “appears to have fled the country”

article-image

Bitcoin’s previous record high against the Euro was set in September 2021

article-image

As bitcoin ETFs grow larger and more liquid, due diligence teams at wirehouses and other investment firms are more likely to clear them, Bitwise researcher says

article-image

Sponsored

The TRON DAO team attended ETH Denver, one of the leading events in the blockchain space