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Robinhood Shares Spike on Report FTX May Be Seeking to Acquire It
Plans are still in the preliminary stages, according to a report from Bloomberg.
Shares of no-commission trading platform Robinhood (HOOD) were rising about 16% and trading was briefly halted after Bloomberg reported that crypto exchange FTX was looking into a possible deal to acquire the company, citing people with knowledge of the matter.
- No formal offer has been made yet and FTX could decide not to go forward with any plans, according to the report.
- In May, an SEC filing revealed that FTX founder and CEO Sam Bankman-Fried had purchased a 7.6% stake in Robinhood through an Antiguan firm called Emergent Fidelity Technologies Ltd.
- "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 [Robinhood CEO Vlad Tenev] and his team have built," wrote Bankman-Fried in a statement emailed to CoinDesk. "That being said, there are no active M&A conversations with Robinhood."
- On Monday morning, Goldman Sachs upgraded Robinhood shares from sell to neutral in a report that also downgraded Coinbase (COIN) shares due to the sharp decline in crypto prices and subsequent trading activity.
- Shares of Robinhood are down 47% this year. They are down roughly 75% from their IPO level last July.
- Commissions from cryptocurrency trading have become a growing part of Robinhood’s business.
UPDATE (June 27, 20:07 UTC): Added emailed statement from Sam Bankman-Fried.
STORY CONTINUES BELOW
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
