FTX denied talks of buying Robinhood

The crypto exchange’s head Sam Bankman-Fried noted the company’s interest in potential ways to cooperate with the online broker

28.06.2022 - 11:05

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What’s new? Representatives of cryptocurrency exchange FTX have denied any information about the possible purchase of Robinhood. Bloomberg reporters had previously reported that there were talks within the company about takeover options for the online broker. FTX CEO Sam Bankman-Fried noted that the purchase is not being discussed at the moment and that the company is “excited about Robinhood’s business prospects and potential ways we could partner with them.”

Bloomberg’s material

What is known about the cooperation? In May, the FTX chief bought a 7,6% stake in Robinhood worth $648,29 million. After that, the online broker’s stock price rose by more than 30%. In a report to the US Securities and Exchange Commission (SEC), Bankman-Fried noted that he does not intend to influence Robinhood’s activities at the moment, but may consider “options for enhancing stockholder value through, among other things, various strategic alternatives or operational or management initiatives.”

As of June 28, HOOD’s shares are trading at $9,12, having gained 14% per day, according to Investing.com.

On June 24, the WSJ journalists reported that FTX is in talks to buy a stake in BlockF, ai trading platform. In addition, on June 21, the exchange provided the platform with a $250 million loan.

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