Robin Hood is agreed to the acquisition The company is set to significantly expand its bitcoin and cryptocurrency business with the acquisition of leading bitcoin and cryptocurrency exchange Bitstamp for $200 million in cash, with the transaction expected to close in the first half of 2025.
Breaking News: Robinhood Acquired #Bitcoin Acquired cryptocurrency exchange BITSTAMP for $200 million. pic.twitter.com/Q9LfBDw3Di
— Bitcoin Magazine (@BitcoinMagazine) June 6, 2024
Founded in 2011, Bitstamp Robinhood is one of the oldest and most established cryptocurrency exchanges in the world, with operations across Europe, Asia and the United States and over 50 licenses worldwide. With this acquisition, Bitstamp’s institutional and retail clients will come under the Robinhood umbrella.
Robin Hood The company aims to leverage Bitstamp’s reputation for resilience and reliability to bolster its own bitcoin and cryptocurrency offerings. Bitstamp has seen more than a decade of market cycles and maintained high security standards.
The acquisition comes as Robinhood faces an investigation by the SEC into its cryptocurrency division, but bitcoin and cryptocurrencies remain a key driver of growth, with trading revenue from crypto trading up 40% last year. Bitstamp This could significantly expand Robinhood’s global footprint.
Robinhood general manager Johan Kjellbladt said the deal is a “big step towards growing our cryptocurrency business” and will help the company “expand our footprint outside the U.S. and welcome institutional clients.” Robinhood CEO Vlado Tenev said, “We believe cryptocurrencies will fundamentally reshape the financial system.”
Robinhood already offers bitcoin and cryptocurrency trading services in the EU, but acquiring Bitstamp secures its existing customer base and regulatory licenses in multiple jurisdictions. As demand for bitcoin grows, the acquisition also positions Robinhood to capture increased trading volume.
