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A young man who raised $ 10 billion in crypto is studying the acquisition of Robin Hood

Cryptocurrency exchange FTX, affiliated with young billionaire Sam Pinkman Fred, is exploring its ability to acquire Robinhood Markets, according to Bloomberg, citing sources seen by Al Arabiya.net.

One source said FTX was internally discussing how to buy the tech-based brokerage, while another person said Robin Hood had not received a formal takeover offer from FTX.

“We are excited about the prospects for Robin Hood’s business and potential ways in which we can partner with them,” Bankman-Fried said in a statement.

However, there are no active merger or acquisition talks with Robin Hood.

Robinhood founders, CEO Vlad Tenev and chief creative officer Baiju Bhatt, control more than 50 percent of the company’s voting power, according to a regulatory filing.

In May, the founder of the FTX exchange revealed that another company he controls, Emergent Fidelity Technologies, had bought a 7.6% stake in Robin Hood, paying about $648 million for the shares.

Robin Hood has lost about three-quarters of its value since the company’s initial public offering last July, while the stock rose 14% after the Bloomberg report, which led to the temporary suspension of trading on the stock to close on Monday at $9.12.

This raised Robin Hood’s market value to nearly $8 billion.

The deal will bring together two companies that rose to prominence during the boom sparked by the Corona epidemic, before suffering sharp declines this year in the stock and cryptocurrency markets.

It would also mark the end of a period of dramatic transformation for Robinhood, a trading platform popular among retail investors, that shined in the Battle of Gamestop, and has 22.8 million accounts.

Benkman Fred, 30, is one of the richest people in the cryptocurrency space, with a fortune of about $10 billion, according to the Bloomberg Billionaires Index.

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