Sam Bankman-Fried, CEO of crypto exchange FTX, has denied rumors his company is looking to purchase Robinhood.
Bloomberg reported Monday that FTX was investigating the possibility of purchasing the stock trading platform, although no official offer had been made. Bloomberg’s sources were “people with knowledge of the matter.” In a statement to TechCrunch, however, Bankman-Fried said there are no active talks with Robinhood about an acquisition.
“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.”
In its own statement to TechCrunch, Robinhood pointed out that its founders control more than half of the company’s voting power. As a result, no deal could happen without their approval and support.
Only time will tell if the two companies end up partnering on various initiatives.