Markets
Robinhood Markets to Buy Bitstamp, Expanding Crypto Business Globally (NASDAQ:HOOD)
News by Spencer Platt/Getty Images
- Robinhood Markets (NASDAQ:HOOD) agreed to acquire Bitstamp Ltd., a global cryptocurrency exchange, adding an institutional business to the company’s crypto and stock trading app business, the company said on Thursday.
- Acquiring Bitstamp will speed up Robinhood (HOOD) expansion of cryptography across the world. Bitstamp has over 50 active licenses and registrations around the world and will bring Robinhood customers from the EU, UK, US and Asia. Robinhood shares rose 3.4% in Thursday pre-market trading.
- Final consideration for the deal is expected to be approximately $200 million in cash, and the deal is expected to close in the first half of 2025.
- “The acquisition of Bitstamp is an important step in the growth of our crypto business. Bitstamp’s long-standing, highly reliable global exchange has shown resilience through market cycles,” said Johann Kerbrat, general manager at Robinhood Crypto. “Through this strategic combination, we are better positioned to expand our presence outside the U.S. and welcome institutional clients to Robinhood.”