Trading was suspended following a report that the cryptocurrency exchange FTX would acquire Robinhood
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| Cryptocurrency |
Trading was suspended following a report that the cryptocurrency exchange FTX would acquire Robinhood, whose shares rose 14%.
Following news that billionaire Sam Bankman-cryptocurrency Fried's exchange, FTX, is mulling a deal to acquire the company just over a month after he initially declared a holding, shares of popular stock trading app Robinhood rose on Monday.
The FTX cryptocurrency trading exchange, one of the biggest in the world and competing with Coinbase and Binance, is internally considering whether to seek a full acquisition of Robinhood.
As much as 18% of Robinhood's share price increased after the news.
While FTX has not made a final choice on whether to pursue the purchase and could yet opt out, Robinhood has not yet received a formal takeover offer.
The information was released just over a month after FTX founder and billionaire Sam Bankman-Fried revealed in regulatory papers that he owned a 7.6 percent investment in Robinhood valued at about $650 million.
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