Latest news with #RobinhoodMarketsInc.
Yahoo
6 days ago
- Business
- Yahoo
Robinhood Is a ‘Prime Candidate' for S&P 500 Addition, BofA Says
(Bloomberg) -- Robinhood Markets Inc. is a 'prime candidate' to enter the S&P 500 Index in the rebalancing set to be announced Friday, a milestone that would spur passive funds to snap up shares of the online brokerage, according to Bank of America Corp. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract The Global Struggle to Build Safer Cars At London's New Design Museum, Visitors Get Hands-On Access NYC Residents Want Safer Streets, Cheaper Housing, Survey Says The Buffalo Architect Fighting for Women in Design The stock was in focus among investors at a meeting about potential index changes for financial stocks, analysts led by Craig Siegenthaler wrote in a note. Robinhood's stock has surged as both equity and cryptocurrency markets rally, and on Tuesday, it closed at its first record high in nearly four years. The shares were 0.3% higher on Wednesday afternoon after swinging between gains and losses. Companies that win addition to the US benchmark can see a big stock boost. Crypto-exchange operator Coinbase Global Inc. notched a 34% gain in the week its addition was announced in May, even as investors digested news of a hack and regulatory scrutiny. Passive mutual funds and exchange-traded funds that track the S&P 500 are required to reshuffle their holdings to match the gauge, and the Bank of America analysts expect 'significant buying activity from passive funds' if Robinhood joins the index. 'The S&P 500 and Russell 1000 are the two major benchmarks for our large cap long-only clients,' the analysts wrote. 'When companies are added, we experience significantly higher interest from long-only portfolio managers which are essentially now forced to cover them and make a call.' Ares Management Corp., Carvana Co. and AppLovin Corp. are among other companies that the analysts flagged as possible additions, while Interactive Brokers Group Inc. could migrate from the S&P 400. Brookfield Asset Management Ltd. is likely to be added to the S&P Total Market Index in June after it won entry to the Russell 1000, with addition to the S&P 500 coming later in the year, they wrote. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P.
Toronto Star
14-05-2025
- Business
- Toronto Star
Robinhood Markets signs deal to buy WonderFi Technologies for $250M
TORONTO - Robinhood Markets Inc. has signed a deal to buy Canadian cryptocurrency company WonderFi Technologies Inc. for $250 million.
Hamilton Spectator
14-05-2025
- Business
- Hamilton Spectator
Robinhood Markets signs deal to buy WonderFi Technologies for $250M
TORONTO - Robinhood Markets Inc. has signed a deal to buy Canadian cryptocurrency company WonderFi Technologies Inc. for $250 million. WonderFi owns cryptocurrency platforms Bitbuy and Coinsquare. Under the deal, Robinhood will pay 36 cents per WonderFi share. WonderFi shares rose nine cents to 34.5 cents in afternoon trading Tuesday on the Toronto Stock Exchange. Robinhood established a Canadian headquarters in Toronto last year. WonderFi will continue to operate its products after the deal closes, and the company's leadership team will stay on as part of Robinhood Crypto. This report by The Canadian Press was first published May 13, 2025. Companies in this story: (TSX:WNDR)
Yahoo
27-03-2025
- Business
- Yahoo
Robinhood, Moving Beyond Meme Stocks, Now Wants to Be Your Bank
(Bloomberg) -- Robinhood Markets Inc. has moved past its meme stock days to become known as the go-to trading platform for retail investors of all stripes – crypto zealots, novice financiers and sophisticated speculators alike. Now it's taking it a step further: It also wants to be your bank. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? How SUVs Are Making Traffic Worse Trump Slashed International Aid. Geneva Is Feeling the Impact. Affordable Housing Developers Stalled by Blocked Federal Funds Robinhood will roll out checking and savings accounts later this year to its paying 'Gold' subscribers, but with a few twists. The Menlo Park, California-based firm aims to be less of a traditional bank for its customers and more of a private banking-like experience, according to Deepak Rao, vice president and general manager of Robinhood Money. 'You get these crazy products, you get really high interest rates,' Rao said in an interview. 'Why don't we do that, but we give it to everybody?' While Robinhood is introducing bank-like services, it's not an FDIC-insured bank itself. Instead, it will work with a partner institution to offer Federal Deposit Insurance Corp. protection on consumers' money. The company said on its website that banking services will be provided by Coastal Community Bank. The annual percentage yield on the high-yield savings account will likely hover around 4% when the product rolls out, customers will have access to estate planning and tax advice and clients will be able to request cash to be delivered to their doorstep that day via the app, according to a Wednesday statement. The last service is one that some legacy banks still have, but with a several-day lag time, Rao said in the interview. The core banking services are another step in Robinhood's ambitions to become a one-stop-shop for consumers' financial needs, bringing investing, banking, retirement and other products all under the single brand. Chief Executive Officer Vlad Tenev outlined this goal at the firm's December investor day, and since then, the company has also rolled out sports-event contracts. More in Robinhood's traditional investing lane, the company is also unveiling a tailored wealth-management service, capping fees for its Gold subscribers at $250 a year. The offering will give consumers access to both single stocks and exchange-traded funds and minimize taxable gains, with Gold customers able to access it now and all customers able to access it next month. All clients will pay a 0.25% management fee, according to the statement. 'How can we take the best of all the models that are out there, from a human adviser who can provide you guidance and reassurance to robo-advisers that don't provide you guidance and reassurance but at least give you a low-cost, easy way to access advice,' said Steph Guild, president of Robinhood asset management and senior director of investment strategy for Robinhood financial, in an interview. 'We thought we'd take the best of those models and create something that doesn't exist today.' The wealth-management services will be augmented by an artificial intelligence offering, called Robinhood Cortex, which will give investors analysis and insights to optimize their portfolios. Business Schools Are Back Google Is Searching for an Answer to ChatGPT The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers ©2025 Bloomberg L.P.
Bloomberg
27-03-2025
- Business
- Bloomberg
Robinhood, Moving Beyond Meme Stocks, Now Wants to Be Your Bank
Robinhood Markets Inc. has moved past its meme stock days to become known as the go-to trading platform for retail investors of all stripes – crypto zealots, novice financiers and sophisticated speculators alike. Now it's taking it a step further: It also wants to be your bank. Robinhood will roll out checking and savings accounts later this year to its paying 'Gold' subscribers, but with a few twists. The Menlo Park, California-based firm aims to be less of a traditional bank for its customers and more of a private banking-like experience, according to Deepak Rao, vice president and general manager of Robinhood Money.
