FTX Denies Plans to Buy Robinhood | news

Sam Bankman-Fried, CEO of cryptocurrency derivatives exchange FTX, has said the company has no plans to buy online broker Robinhood, Reuters has reported.

Bloomberg had earlier reported citing sources familiar with the situation that FTX is studying the possibility of buying Robinhood.

At the same time, the publication indicated no final decision had been made at the moment and that the exchange might refuse to conclude a deal.

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“There are no active M&A conversations with Robinhood. We are excited about Robinhood’s business prospects and potential ways we could partner with them.”

Emergent Fidelity Technologies, an associate of FTX’s top FTX manager, acquired a 7.6% stake in Robinhood in May.

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Bankman-Fried later said the platform would spend “billions” of dollars buying stakes in other companies to expand its product line.

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