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    Could FTX Crypto Exchange Acquire Robinhood? Here's What We Know

    Robinhood has been struggling lately, but crypto exchange FTX could be the financial fix. Read on to learn more.

    Could FTX Crypto Exchange Acquire Robinhood? Here's What We Know

    by Tor Constantino | Published on June 28, 2022

    Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

    Image source: Getty Images

    Key points

    Bloomberg has reported that FTX is quietly considering the possibility of acquiring brokerage app Robinhood. The article notes that discussions are reportedly internal at FTX for now with no formal M&A engagement at this time.

    However, an FTX subsidiary filed documents with the SEC in May disclosing the purchase of more than 56 million shares of Robinhood stock at a price of more than $648 million -- making FTX the third largest shareholder of Robinhood stock.

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    On Monday, reported that cryptocurrency exchange FTX is holding internal discussions to try and acquire popular fintech app Robinhood. Fueling the speculation were filings with the SEC that disclosed a subsidiary of FTX paid nearly $650 million to acquire more than 56 million shares of Robinhood, which represents 7.6% of the app's circulating stock supply. That purchase makes FTX the third largest Robinhood shareholder.

    The article notes that no formal M&A discussions have occurred yet. Billionaire founder of FTX, Sam Bankman-Fried is quoted as saying that he sees Robinhood as a good investment with strong potential upside. "We are excited about Robinhood's business prospects and potential ways we could partner with them. That being said, there are no active M&A conversations with Robinhood," the article attributes to Bankman-Fried.

    Following the media report, the price per share of Robinhood (HOOD) jumped 14% to close yesterday's trading day on the NASDAQ at $9.12. At the time of writing, the price of HOOD is chopping around the $9 per share range, which would be a venerable steal for FTX if the acquisition speculation pans out since Robinhood has several recent upgrades increasing its utility and potential value.

    Robinhood wallet enabled with Bitcoin payment soon to follow

    In April, Robinhood announced the launch of its wallet that enabled users to send, receive, and store cryptocurrencies. Until that upgrade, crypto buyers had no way to move their crypto off the Robinhood platform. Within weeks of that news, Robinhood announced that it would soon be compatible with the Bitcoin Lightning Network to enable crypto payments wherever Bitcoin is accepted. Despite those recent enhancements, Robinhood has had financial difficulties of late.

    Robinhood has struggled lately

    When Robinhood (HOOD) became a publicly traded company listing on the NASDAQ stock exchange last July, it soon soared to an all-time high of $70.94 on Aug. 4, 2021. At press time, it's down 87% at $8.96 per share from its August top. Investment firm Goldman Sachs recently downgraded Robinhood from Neutral to Sell.

    "Fading retail engagement, particularly among Robinhood's lower end consumer customer base, could represent further headwinds [negative pressure]. While the company has negotiated much better economics on crypto trading, we see the decline in broader industry crypto volumes largely offsetting this tailwind [positive momentum]," according to the analyst note from Goldman.

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    Despite the macroeconomic issues, lower user demand, and general market malaise, the FTX investment and possible acquisition could be just the financial fix Robinhood needs.

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    ABOUT THE AUTHOR

    Tor Constantino

    Tor Constantino is a corporate communications executive and business writer with an MBA. Since 2017, he has written about cryptocurrencies, blockchain, and crypto's potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!.

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    Crypto exchange FTX is looking into acquiring Robinhood: Report

    Amid crypto winter, FTX's expansion shows no signs of slowing.

    SAM BOURGI JUN 27, 2022

    Crypto exchange FTX is looking into acquiring Robinhood: Report

    Robinhood, a discount brokerage that popularized crypto trading among mainstream users, has allegedly fallen on hard times.

    2068 53 2:01

    NEWS

    Cryptocurrency derivatives exchange FTX is reportedly exploring a takeover of Robinhood Markets, the popular trading app that introduced millions of traders to Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE).

    Citing people familiar with the matter, Bloomberg reported Monday that FTX is holding internal deliberations about whether to acquire Robinhood. Although no decision has been made to pursue a takeover, FTX is said to be taking the matter seriously. Bloomberg's contact clarified that FTX has yet to approach Robinhood with a buyout proposal and that it could still decide against pursuing a deal.

    In a follow-up statement to Bloomberg, FTX CEO Sam Bankman-Fried clarified that his firm is excited about potentially partnering with Robinhood but that there were no active merger conversations, which was in line with earlier reporting:

    “We are excited about Robinhood’s business prospects and potential ways we could partner with them [...] That being said, there are no active M&A conversations with Robinhood.”

    This isn't the first time FTX or Bankman-Fried have been tied to Robinhood. In May, it was disclosed that the FTX CEO had purchased a 7.6% stake in the discount brokerage valued at $650 million. At the time, Bankman-Fried said the purchase reflected his belief that Robinhood is an "attractive investment" but that he had no intention of changing or influencing control of the firm.

    Despite the onset of crypto winter, FTX has shown no signs of slowing its expansion. The exchange recently tabled a $250 million bailout offer to Bitcoin lender BlockFi; earlier this month, FTX entered into an agreement to purchase Canadian cryptocurrency platform Bitvo for an undisclosed amount.

    Amid mass layoffs in the crypto exchange business, FTX confirmed earlier this month that it would not be reducing its staff. Bankman-Fried tweeted on June 6 that his exchange plans to "keep growing" for the foreseeable future.

    Related: Goldman Sachs downgrades Coinbase stock to ‘sell’

    As for Robinhood, the discount brokerage platform has lost roughly three-quarters of its value since debuting on the Nasdaq stock exchange in July 2021. The company's share price was up 13% on Monday but is still down over 75% from its initial public offering.

    Since debuting at $38 a share, Robinhood's stock price has tumbled over the past year. The stock has a market capitalization of $7.6 billion. Source: TradingView.

    In the first quarter of 2022, Robinhood's net revenue declined 43% year-over-year to $299 million. Crypto-related revenue declined by 39% to $54 million over the same period.

    This article has been updated to include latest comments from Sam Bankman-Fried.

    #Business

    #Cryptocurrency Exchange

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    Source : cointelegraph.com

    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.

    Business

    Robinhood Shares Spike on Report FTX May Be Seeking to Acquire It

    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.

    By Nelson Wang

    Jun 27, 2022 at 7:55 p.m. UTC

    Updated Jun 28, 2022 at 7:17 p.m. UTC

    FTX's Sam Bankman-Fried Denies Robinhood Acquisition Rumor

    0 seconds of 6 minutes, 57 secondsVolume 0%

    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.

    Read more about

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