Fintech
Fintech Nexus Newsletter (June 6, 2024): Robinhood Acquires Bitstamp in $200 Million Deal
Robinhood is still bullish on cryptocurrencies despite the SEC warning the company that it intends to sue over this part of its business.
We learned yesterday that Robinhood will do so to acquire cryptocurrency exchange Bitstamp for $200 million, making this its largest acquisition to date.
The acquisition comes just a month after Robinhood received a SEC warning from Wells about his cryptocurrency activity. Clearly, this action has not affected the company’s enthusiasm for the crypto side of its business.
Cryptocurrency-related revenue increased in the first quarter to $126 million from $38 million a year earlier.
Bitstamp was founded in 2011 and holds 50 active licenses globally, so the acquisition will allow Robinhood to expand its crypto offerings into many different countries.
The deal is expected to close in the first half of 2025.
In the foreground
> Robinhood doubles down on cryptocurrencies with deal for Bitstamp
The move comes a month after the SEC warned of a potential lawsuit over Robinhood’s crypto offerings.
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Peter Renton is president and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and is the author and creator of the Individual fintech podcastthe first and longest running fintech interview series.