This article’s GIF essentially represents FTX Founder and CEO Sam Bankman-Fried pulling up to every struggling company right now. 😏
The highly-capitalized crypto exchange has been on a shopping spree amid the market turmoil, providing cash-strapped firms with a lifeline…for a price. 🏷️
Last week, FTX agreed to provide crypto lender BlockFi with a $250 million revolving credit facility and then started talks to acquire part of the firm just days later.
Additionally, Bankman-Fried’s quantitative trading firm Alameda provided Voyager Digital with $500 million. 💰
Now, rumors are flying that the company is considering a takeover of Robinhood, which has fallen from a $60 billion valuation last August down to $7 billion today. 📉
FTX diversified its business into stock trading just last month, so making a meal of a struggling competitor doesn’t seem that far-fetched.
$HOOD shares were up 14% in the regular session but fell 5% after hours following FTX’s denied any M&A talks with the company.
Whether a deal comes to fruition remains to be seen. What’s clear is that rumors will likely stick around as long as FTX continues to throw its weight around. 💪