BREAKING: FTX Reportedly Intends to Buy Robinhood, HOOD Soars 18%

Alex Dovbnya

Cryptocurrency exchange FTX is yet to make the final decision, the report says

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Mon, 27/06/2022 - 19:29

BREAKING: FTX Reportedly Intends to Buy Robinhood, HOOD Soars 18%

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Shares of Robinhood have surged more than 18% after Bloomberg reported that FTX was planning to acquire the popular stock trading app.

The company's stock is currently trading at $9.12 after paring some gains.

The potential acquisition is still in a very early stage, according to the aforementioned report. Robinhood is yet to receive a takeover request from the high-flying cryptocurrency exchange.

As of now, FTX is only considering acquiring the popular trading app, whose bottom line has suffered due to diminishing speculative fervor in both crypto and stock markets.

Robinhood's stock is down almost 77% from its local high. The company, which went public last July, is currently valued at 8%.

#Robinhood #FTX

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.