Bloomberg: FTX considers buying Robinhood

Article Reading Time:
1 min.

Crypto derivatives exchange FTX is considering buying a majority stake in trading platform Robinhood after acquiring 7.6% company shares.

As reported by Bloomberg with reference tounnamed sources, the FTX exchange, owned by Sam Bankman-Fried, is highly likely planning to acquire a controlling stake in the Robinhood trading platform.

“We are excited about the business prospectsRobinhood and the potential opportunities that arise in cooperation with the platform. “At the same time, there are no active negotiations on mergers and acquisitions with Robinhood,” Bankman-Fried told reporters.

Bloomberg's report appeared immediately afterGoldman Sachs analysts set a $9.50 target price for Robinhood shares and upgraded them from "sell" to "neutral." Goldman analysts said they "now see a more balanced reward for risk to Robinhood investors."

Robinhood representatives refusedcomments, but indirectly confirmed that the likelihood of a deal with FTX exists. The exchange has not yet submitted a formal takeover offer and may refrain from concluding a deal.

Let us recall that in May Bankman-Fried acquired 7.6% of Robinhood shares for $648 million. At the same time, he said that he “had no intention of taking any action aimed at changing or influencing Robinhood” and he views the platform only as an “attractive investment.”