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Robinhood Markets to Buy Bitstamp, Expanding Cryptocurrency Business Globally (NASDAQ:HOOD)
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- Robinhood Markets (NASDAQ:HOOD) agreed to acquire Bitstamp Ltd., a global cryptocurrency exchange, adding an institutional business to the company’s stocks and cryptocurrency trading app businesses, the company said Thursday.
- Bitstamp Acquisition Will Accelerate Robinhood’s Growth (HOOD) expansion of cryptocurrencies around the world. Bitstamp has over 50 active licenses and registrations globally and will bring Robinhood customers from the EU, UK, US and Asia. Robinhood shares rose 3.4% in premarket trading Thursday.
- The final consideration of the deal is expected to be approximately $200 million in cash and the deal is expected to be completed in the first half of 2025.
- “The acquisition of Bitstamp is an important step in the growth of our cryptocurrency business. Bitstamp’s long-standing and highly trusted global exchange has shown resilience through market cycles,” said Johann Kerbrat, Managing Director of Robinhood Crypto . “Through this strategic combination, we are better positioned to expand our presence outside the United States and welcome institutional clients to Robinhood.”