The operator of one of the world’s largest cryptocurrency exchanges, FTX, is mulling over the purchase of American Robinhood Markets (NASDAQ: HOOD) Inc, Bloomberg reported, citing knowledgeable sources.

FTX management has been discussing internally how it might buy Robinhood without making a formal offer to buy, the sources said.

At the same time, FTX CEO Sam Bankman-Fried said in an email to MarketWatch that the company is not in merger and acquisition talks with Robinhood.

“We are encouraged by Robinhood’s business prospects and possible avenues of cooperation with the company… That said, there are no active merger and acquisition talks with Robinhood,” Bankman-Fried wrote.

Bankman-Fried is one of Robinhood’s largest shareholders. He owns 7.6 percent of the company, which he bought for $648 million in May. The billionaire then disclosed this information in regulatory filings via Form 13D, which investors typically use when they plan to take an active role in a company, such as counting on a board seat. Bankman-Fried, however, said he had no such plans.

Robinhood’s stock price jumped 14 percent in principal trading in New York on Monday on news of FTX’s interest in the company. However, after the Bankman-Fried letter was published in additional trading, the stock fell 4%.

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