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Home»Tech News»Sam Bankman-Fried’s FTX is reportedly looking into buying Robinhood
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Sam Bankman-Fried’s FTX is reportedly looking into buying Robinhood

June 28, 2022No Comments3 Mins Read
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Sam Bankman-Fried’s FTX is reportedly looking into buying Robinhood
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Cryptocurrency change FTX is reportedly contemplating an acquisition of the buying and selling platform Robinhood, in keeping with a report from Bloomberg. Sources near the state of affairs instructed Bloomberg that FTX remains to be weighing the likelihood and hasn’t but made a suggestion.

When requested in regards to the attainable buyout, FTX CEO Sam Bankman-Fried acknowledged that the corporate at present isn’t within the means of attempting to amass Robinhood. “We’re enthusiastic about Robinhood’s enterprise prospects and potential methods we may companion with them,” Bankman-Fried mentioned in a press release to Bloomberg. “That being mentioned, there are not any lively M&A [mergers and acquisitions] conversations with Robinhood.” The Verge reached out to FTX with a request for remark however didn’t instantly hear again. Robinhood declined to touch upon the story.

In Could, Bankman-Fried disclosed his 7.6 p.c stake in Robinhood, which was value about $648 million on the time, in keeping with a 13D Securities and Trade Fee submitting. This kind of submitting is used when somebody acquires greater than 5 p.c of an organization however may additionally sign a possible takeover. Robinhood CEO Vlad Tenev and CCO Baiju Bhatt each personal about 8 p.c of the corporate and, as Bloomberg notes, management over 50 p.c of the corporate’s voting energy. Robinhood shares climbed 12 p.c following information in regards to the potential acquisition.

Bankman-Fried has been pivotal in offering bailouts to struggling blockchain firms

As cryptocurrencies — and shares usually — take a tumble as we enter what some think about a “crypto winter,” Bankman-Fried and his FTX change have been pivotal in offering bailouts to struggling blockchain firms. FTX prolonged $250 million in revolving credit score to crypto buying and selling platform BlockFi, and Bankman-Fried’s Alameda Analysis has additionally lent $500 million to crypto brokerage Voyager Digital.

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Widespread financial uncertainty has affected Robinhood’s enterprise as properly — in its most up-to-date earnings report, its month-to-month lively customers dipped 10 p.c to fifteen.9 million in March 2022, in comparison with 17.7 million in March 2021. Its income additionally fell 48 p.c 12 months over 12 months, from $522 million to $299 million.

Robinhood has turn into a well-liked buying and selling platform amongst younger traders because of its commission-free trades, in addition to the provision of each conventional shares and crypto-based investments. It has been working to develop its crypto choices since first rolling out the choice in 2018 and launched its personal cryptocurrency pockets earlier this month. The corporate went public final 12 months after using out the meme inventory wave that despatched AMC and GameStop shares hovering. Based on Bloomberg, Robinhood has misplaced about three-quarters of its market valuation since then, which at present sits at $7.4 billion.

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