Below you will be able to read some interesting stuff about FTX exchange (one of the biggest) and its plans to acquire Robinhood (one of the top retail trading platforms). As always such kind of news we get from RoboticsOnline (reviewed here) platform, so that they keep their members and potential investors in the know of what’s going on around.
Let’s check it:
FTX reportedly plans to acquire Robinhood
The FTX exchange has been making strategic business moves despite the ongoing bear market that has forced companies such as Coinbase, Gemini, and Crypto.com to lay off their staff. FTX is reportedly planning to acquire Robinhood, one of the top retail social trading platforms.FTX plans to acquire Robinhood
A report from Bloomberg confirmed that FTX is considering acquiring Robinhood. However, the firm has denied reaching out to Robinhood with a deal. Bloomberg said that FTX’s plans to acquire the trading platform were only being discussed internally, and no decision had been made.
A spokesperson from FTX has also admitted that the company is seeking partnerships with Robinhood. However, they denied there were talks of any acquisition. In an interview with Blockworks, the spokesperson said there were no active merger and acquisition talks with Robinhood.
“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 Vlad and his team have built,” the spokesperson added.
This is not the first time that FTX has shown interest in Robinhood. In May, the founder and CEO of FTX, Sam Bankman-Fried, acquired a 7.6% stake worth $648 million in Robinhood through a separate company.
FTX’s interest in Robinhood is also aligned with the company’s plans. Earlier this year, FTXD unveiled a stock trading platform. Robinhood is home to the leading stock trading app that has become popular with day traders. Therefore, a partnership between the two firms would be valuable.
Robinhood stocks surge
The news of this acquisition seems to have aided the value of the Robinhood stock (HOOD). The stock shot up by 14% to trade at $9.12 following the news. However, it has since dropped slightly to trade at $8.86 at the time of writing.
Last year, Robinhood had a valuation of $32 billion. Therefore, FTX’s acquisition of the company would be done at a massive amount. Despite the slight gains made during the past 24 hours, the stock price is still on a long-term downtrend. During the past year, the stock has plunged by 74%.
The declining value of Robinhood could be attributed to inconsistent trading activities. Robinhood recorded massive trading volumes in 2021 after the GameStop and AMC stock trading frenzy. However, the meme stock frenzy has since died down.
However, FTX is still in a solid position to acquire Robinhood, given that Bankman-Fried is also the founder of investment firm Alameda Research. FTX has also shown persistence despite the ongoing “crypto winter”.
FTX and its subsidiaries have also made strategic acquisitions of late. The company acquired Embed Technologies and the Bitvo crypto company. FTX is also planning to acquire a stake in BlockFi.
Check other news for today and Please stand by..
*********************************
If one of the paying programs on our Monitor appeals to you, please support EmilyNews by registering for it on our website. Thanks very very much!
EN web Support Chat | Hyips and Crypto questions – HyipChatEN
Telegram Chat for Crypto and Hyip reports: @HyipChatEN
*********************************
Be the first to get most important HYIP news everyday!
Simply Follow EN Facebook, EN Telegram, EN Twitter
or Subscribe to EN Feedburner and submit your email address!
If you like this article and want to support EN – please share it by using at least few of social media buttons below. Thanks and See you tomorrow!
