FTX CEO Confirms That The Exchange Has No Plans To Acquire Robinhood

FTX founder and CEO Sam Bankman-Fried, popularly known as SBF in the crypto world, confirmed that the exchange is not looking to acquire Robinhood Markets and is not engaged in merger and acquisitions (M&A) conversations with the firm.

According to a previous report by Bloomberg, people with the knowledge of the matter stated that FTX was exploring opportunities to acquire the American financial services company but it seems that this is not the case.

As per TechCrunch, Bankman-Fried denied these claims but added that FTX is open to exploring partnership opportunities 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,” Bankman-Fried said. “That being said there are no active M&A conversations with Robinhood.”

Furthermore, a Robinhood spokesperson pointed out its dual-class shareholder set up to TechCrunch, adding that the company’s founders control more than half of its voting power and no acquisition or merger deal can be finalized without their explicit approval.

Interestingly, SBF had purchased a 7.6% stake in Robinhood Markets Inc last month and at that time, the founders had control of 64% of the voting shares outstanding.