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Robinhood acquires Bitstamp in US$200 mln deal

source-logo  forkast.news 06 June 2024 17:17, UTC

Robinhood Markets has announced the purchase of Bitstamp Ltd., a cryptocurrency exchange, for US$200 million.

The all-cash deal, slated for completion in the first half of 2025 pending regulatory consent, is set to extend Robinhood’s reach into the institutional crypto market and enhance its international footprint.

With Bitstamp’s customer base and over 50 global licenses, Robinhood will strengthen its position in key markets including Europe, North America, and Asia, despite facing regulatory headwinds and a recent decline in stock value.

This strategic move by Robinhood comes at a time when the company is engaged in a regulatory dispute with the U.S. Securities and Exchange Commission, which has issued a Wells Notice that could lead to enforcement actions.

Nevertheless, Robinhood’s cryptocurrency revenue alone has increased by 232%, with a significant rise in the value of crypto assets held by its users.

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