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FTX Is Not in Active Talks to Buy Robinood but is Impressed With Their Business

TechCrunch | Jacquelyn Melinek | Jun 27, 2022

Robinhood - FTX Is Not in Active Talks to Buy Robinood but is Impressed With Their BusinessCrypto exchange FTX is open to partnering with Robinhood Markets, its CEO Sam Bankman-Fried said in a statement shared with TechCrunch.

Bloomberg News reported earlier that people familiar with the matter said FTX was exploring opportunities to acquire Robinhood, but Bankman-Fried denied those claims.

“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,” Bankman-Fried said. “That being said there are no active M&A conversations with Robinhood.”

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In a comment to TechCrunch, a Robinhood spokesperson pointed to its dual-class shareholder setup, in which the company’s founders control more than half of its voting power. As such, no deal can be struck to purchase the company without their explicit approval. Given the tenor of the note, TechCrunch doubts that Robinhood’s founding duo are salivating at a chance to sell their business.

After the news broke earlier today on the possibility of an acquisition, Robinhood shares spiked 14% before falling nearly 3% in after-hours trading. Last month, Bankman-Fried shared that he bought a 7.6% stake in Robinhood Markets.

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NCFA Jan 2018 resize - FTX Is Not in Active Talks to Buy Robinood but is Impressed With Their BusinessThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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