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The trading of Robinhood (HOOD) shares was momentarily suspended after Bloomberg reported, citing sources with knowledge of the situation, that crypto exchange FTX was considering a possible acquisition of the business.
According to the source, no official offer has been made, and FTX may opt not to move ahead with any preparations.
In May, an SEC filing showed that FTX founder and CEO Sam Bankman-Fried had acquired a 7.6 percent investment in Robinhood via Emergent Fidelity Technologies Ltd. of Antigua.
“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,” Bankman-Fried stated in an email to CoinDesk. “That being said, there are no active M&A conversations with Robinhood.” Monday morning, Goldman Sachs raised shares of Robinhood from sell to neutral in a report that also lowered Coinbase (COIN) shares owing to the rapid decrease in cryptocurrency prices and consequent trading activity.
Robinhood stock is down 47 percent this year. They are down almost 75% from their IPO price in July.
The percentage of Robinhood’s revenue derived from bitcoin trading commissions is rising.