Cryptocurrency Exchange FTX to Buy Robinhood? FTX CEO Still Looking Into Acquisition

FTX, a cryptocurrency exchange platform, is looking to buy Robinhood, a stock trading service.

While cryptocurrencies are generally facing a massive downtrend in prices, one of the largest crypto exchanges is reportedly considering acquiring Robinhood.

FTX to Buy Robinhood?

As per a news story by Bloomberg, the chief executive officer (CEO) of FTX, Sam Bankman-Fried is reportedly looking into buying Robinhood, sources close to the matter disclosed.

It is worth noting that the FTX CEO, Bankman-Fried is remarkably one of the wealthiest folks in the crypto industry, flaunting a whopping net worth of roughly $10 billion, according to the Billionaires Index of Bloomberg.

One of the sources of the business news outlet says that FTX is internally studying how to go on with acquiring the massive stock trading app platform.

However, it appears that the plans to buy Robinhood are still in very early stages, as the top brass of FTX has yet to come up with a final decision.

So, it is still unclear by now if the crypto exchange will be moving forward with an actual offer to Robinhood.

Essentially, what the unnamed source is saying is that FTX has not made a formal offer to buy Robinhood. Instead, all of these are still merely being looked into.

FTX CEO Speaks about Robinhood Acquisition

The FTX boss himself, no less than Bankman-Fried, issued a statement to Bloomberg, addressing the report that the crypto exchange is looking to buy Robinhood.

Bankman-Fried wrote in an email that they "are excited about Robinhood's business prospects and potential ways we could partner with them."

But despite that, the FTX chief executive clarified that "there are no active M&A (mergers and acquisitions) conversations with Robinhood."

According to a recent report by The Verge, the response of the FTX CEO means to say that the crypto exchange is not in the process of any Robinhood acquisition.

FTX CEO and Robinhood

The Verge also highlights in its story that the big boss of FTX has previously revealed that he has a stake in the stock trading app, Robinhood, which amounts to roughly 7.6 percent.

Back in May, the stake of Bankman-Fried was worth $648 million, the filing from the Securities and Exchange Commission reveals.

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Written by Teejay Boris