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Robinhood Markets announced on Thursday that it was acquiring Bitstamp.
The company said in a press release that it will pay approximately $200 million in cash as part of the deal to become the owner of the cryptocurrency exchange, and aims to complete the acquisition during the first half of next year.
The deal is part of Robinhood’s efforts to expand its international footprint and broaden its offering of institutional business services.
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The company highlighted that Bitstamp holds over 50 active licenses and registrations around the world, as well as a customer base across Europe, the US and Asia, and said it will “significantly accelerate” the global growth of the cryptocurrency sector.
In this photo illustration, a woman is holding a smartphone with the Robinhood Markets logo displayed on the screen. (Rafael Henrique/SOPA Images/LightRocket via / Getty Images)
Robinhood has seen big gains in the sector, with crypto notional trading volume up 224% in the first quarter compared to the same period last year. The company’s Robinhood Crypto unit received a Wells Notice from the Securities and Exchange Commission, according to a regulatory filing.
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Robinhood CEO and co-founder Vlado Tenev said in a post on X on Thursday that the company “[s] Cryptocurrency will fundamentally reshape the financial system. We’re acquiring @Bitstamp to accelerate that vision.”
In this photo illustration, the Bitstamp logo appears on a smartphone screen. (Rafael Henrique/SOPA Images/LightRocket via / Getty Images)
The company also said that with Bitstamp and its suite of institutional services such as lending and staking, it enters the institutional business with “active, established relationships, infrastructure and industry-leading products.”
Robinhood had approximately 13.7 million monthly active users in the first quarter. (Gabby Jones/Bloomberg/via Getty Images)
Robinhood has previously cited “capturing the active trader market,” “growing wallet share,” and expanding outside the U.S. as key areas for future growth.
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Robinhood had approximately 13.7 million monthly active users in the first quarter.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Food | Robinhood Markets Inc. | 22.77 | +1.21 | +5.59% |
