FTX is thinking about getting the trading site Robinhood in the latest development around the crypto world. Robinhood has become a popular trading platform for young investors because of its commission-free trades and the flexibility of both traditional stocks and crypto-based investments, which has ignited interest from FTX.
FTX CEO Sam Bankman-Fried stated, “We are excited about Robinhood’s business prospects and potential ways we could partner with them.” He added, “That being said, there are no active M&A [mergers and acquisitions] conversations with Robinhood.”
According to a 13D Securities and Exchange Commission filing from May, Bankman-Fried reported his 7.6 percent investment in Robinhood, which was valued at around $648 million at the time. This type of filling is used when someone buys more than 5% of a business, but it can also indicate a possible takeover. The reports turned out to be accurate, and FTX is expected to make a formal bid soon.