Cryptocurrency derivatives exchange FTX is considering buying a majority stake in trading platform Robinhood after acquiring a 7.6% stake in the company.
According to Bloomberg, citing unnamed sources, the FTX exchange, owned by Sam Bankman-Fried (Sam Bankman-Fried), with a high degree of probability plans to acquire a controlling stake in the Robinhood trading platform.
“We are excited about the business prospects of Robinhood and the potential opportunities that come with partnering with the platform. At the same time, there are no active negotiations on mergers and acquisitions with Robinhood yet,” Bankman-Fried told reporters.
Bloomberg’s announcement came just as analysts at Goldman Sachs set a price target for Robinhood’s stock at $9.50 and upgraded its rating from Sell to Neutral. Analysts at Goldman said they “now see a more balanced risk reward for Robinhood investors.”
Representatives of Robinhood declined to comment, but indirectly confirmed that the possibility of a deal with FTX exists. The exchange has not yet sent a formal takeover offer and may refrain from concluding a deal.
Recall that in May, Bankman-Fried acquired a 7.6% stake in Robinhood for $648 million. At the same time, he stated that he “had no intention of taking any action aimed at changing or influencing Robinhood” and he views the platform only as “attractive investment”.
Source: Bits
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