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%.
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Godfrey Benjamin
Vladislav Sopov
Dan Burgin