FTX is open to a partnership with Robinhood
According to a TechCrunch report, Sam Bankman-Fried, also known as SBF in the crypto world, said the company is open to a partnership with Robinhood Markets Inc, but there is no talk of a merger or acquisition. It seems that the Bloomberg report which cites people close to the FTX exchange as sources, was not true.
“We are excited about Robinhood’s business prospects and the possibilities of partnering with them, and I have always been impressed with the business that Vlad and his team have built,” Bankman-Fried said. “That being said, there are no active M&A conversations with Robinhood.”
It is important to note that Robinhood has a dual-class shareholder setup, which means that the founders of the company have the majority voting power and no deal is possible without their approval. The founders have more than half of the voting rights.
SBF acquired a 7.6% stake
According to a report by Kripteu Magazine, SBF had acquired a 7.6% stake in Robinhood Markets Inc a month earlier. The purchase was confirmed in a filing with the Securities and Exchange Commission (SEC). The filing said the “reporting persons intend to hold the shares as an investment and currently have no intention of taking any action to change or influence control of the issuer.”