Crypto News

FTX’s CEO Denies Rumors of Planning to Buy Robinhood

FTX shouldn’t be planning to purchase Robinhood. The CEO of crypto change, Sam Bankman-Fried, refuted rumors about any such deal.

  • According to the newest report, SBF said he’s enthusiastic about Robinhood’s business prospects and collaboration sooner or later however clarified that FTX was not exploring alternatives to purchase the monetary service company.

I’ve all the time been impressed by the business that Vlad and his crew have constructed. That being mentioned there aren’t any lively M&A conversations with Robinhood.

  • Earlier reviews instructed that FTX was within the course of of having inner deliberations on the way it should purchase the brokerage app however hasn’t made a proposal but.
  • Robinhood has a dual-class shareholder structure, which means – the founders of the company are given extra energy. This makes a possible case for buy-out inconceivable with out their approval.
  • CEO Vlad Tenev and CCO Baiju Bhatt each personal about 8% of Robinhood and management 64% of the company’s voting energy.
  • Last month, a submitting with the US Securities and Exchange Commission (SEC) revealed that SBF had purchased a 7.6% stake in Robinhood.
  • The billionaire mentioned on the time that he regards Robinhood to be an “attractive investment” however has no intentions to change or affect the buying and selling platform.
  • Despite providing just a few digital property on its platform, Robinhood’s income development was notably influenced by crypto-related buying and selling incomes.
  • Currently, it’s engaged on increasing its crypto choices after first dipping its toes into the business practically 4 years in the past.
  • Robinhood additionally launched pockets performance on its platform this year.

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