Crypto derivatives exchange FTX is reportedly having plans down its pipeline to finalize the acquisition of a Robinhood Markets takeover – the well-known trading app introducing BTC, ETH and DOGE to millions. 

Specifically, Bloomberg reportedly revealed on June 27th that FTX is working internally to consider the plan for Robinhood acquisition. 

Although no outcome has been finalized for officially pursuing the takeover, FTX is believed to be approaching the initiative with a highly serious stance. Bloomberg’s contact clarified that FTX has not submitted an official buyout bid to Robinhood yet. 

Via a follow-up statement to Bloomberg, Head of FTX Sam Bankman-Fried offered further explanation, revealing that his company expressed excitement towards the potential prospect of forging an alliance with Robinhood, but that there were no active merger conversations, which was in line with earlier reporting. 

“We are excited about Robinhood’s business prospects and potential ways we could partner with them […] That being said, there are no active M&A conversations with Robinhood.”

This is not the the first association FTX or Bankman-Fried have with Robinhood. In May, a source disclosed that the Head of FTX completed the acquisition of a 7.6% stake in the discount brokerage via a $650 million deal. At the time, Bankman-Fried claimed that the purchase was a sign showing his belief in Robinhood as an “attractive investment”, but that he wished not to change or affect the control of the establishment. 

Of course we think it is an attractive investment too. We have the best customer base, are introducing great new products, and we have the team to deliver.

Regardless of the bearish actions across the crypto market, FTX is still going full speed with its expansion plan. The exchange recently tabled a $250 million bailout offer to Bitcoin lender BlockFi; in early June, FTX put its ink on an agreement to buy Canada-based cryptocurrency platform Bitvo for an anonymous sum.