Robinhood buys crypto exchange Bitstamp in surprise $200 million deal
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Robinhood has acquired Bitstamp, one of the world's oldest cryptocurrency exchanges, in an all-cash deal worth around $200 million. The acquisition is expected to close in the first half of 2025 and will expand Robinhood's presence in overseas markets. Bitstamp, launched in Slovenia in 2011 and now based in Luxembourg and the U.K., ranks 16th in trading volume among cryptocurrency exchanges. The acquisition will help Robinhood develop its institutional business and increase its crypto offerings. The deal comes as Robinhood rebounds from a challenging 2023 and the crypto market experiences a significant upswing. The SEC's scrutiny of Robinhood's token offerings may pose a challenge to its plans to expand its crypto offerings in the U.S. Bitstamp's CEO stated that the platform and expertise will be integrated into Robinhood's ecosystem, but it is unclear if Bitstamp will remain a stand-alone brand. Capital served as the financial advisor to Robinhood, and Galaxy Digital Partners advised Bitstamp.

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https://fortune.com/crypto/2024/06/06/robinhood-bitstamp-crypto-deal-200million/