Sam Bankman-Fried's FTX crypto exchange is exploring whether it might be able to acquire Robinhood Markets Inc , Bloomberg News reported on Monday, citing people with knowledge of the matter.
FTX is discussing internally how to buy the app-based brokerage and Robinhood has not received a formal takeover approach, the report said.
Robinhood declined to comment. The retail-trading platform's shares were down 4% in extended trading after initially rising on the report."We are excited about Robinhood's business prospects and potential ways we could partner with them," Bankman-Fried said in an emailed statement. He, however, added that "there are no active M&A conversations with Robinhood."
Last month, the founder and CEO of FTX revealed a 7.6% stake in Robinhood but said he did not have any intention of taking control of the retail-trading platform. Robinhood's dual-class shares currently give its founders control of 64% of the voting shares outstanding.
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