Robinhood stock spikes after reported deal interest from FTX

MarketWatch_Investing-Cryptocurrency · 05 Jul 2022 83 Views

Shares of Robinhood Markets Inc. HOOD, -4.46% closed up 14% in Monday trading after a Bloomberg News report said that FTX, the cryptocurrency exchange run by Sam Bankman-Fried, was exploring whether it may be able to purchase Robinhood. The report, which quoted multiple anonymous sources, said that FTX was "deliberating internally" how it might be able to acquire Robinhood. It also said that FTX hasn't formally approached Robinhood about a potential deal. Bankman-Fried told MarketWatch in an emailed statement that his company was "excited about Robinhood's business prospects and potential ways we could partner with them" but wasn't involved in active merger discussions with Robinhood. A spokesperson for Robinhood declined to comment. Robinhood shares were halted shortly before 3 p.m. Eastern and resumed trading just before 3:10 Eastern. The stock has lost 49% so far this year as the S&P 500 SPX, -0.07% has declined 18%.