Robinhood Markets (NASDAQ: HOOD) is digging deeper into crypto. The firm this morning announced that it has reached an agreement to acquire Bitstamp Ltd, a crypto exchange with operations in the EU, UK, US, and Asia.
The transaction is said to be a milestone for Robinhood, with the purchase bringing it its first institutional business. Bitstamp presently has institutional clients that it provides trading, white labeling solutions, lending, and staking to.
“Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood,” commented Johann Kerbrat, GM of Robinhood Crypto.
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The crypto exchange has over 50 active licenses and registrations globally for operating in various jurisdictions, and presently offers 85 tradable assets on its spot exchange. The exchange is presently the 16th largest crypto exchange by size, having seen trades amounting to $239.2 million in value over the last 24 hours, as per CoinMarketCap.com.
Total consideration under the transaction is said to be roughly $200 million in cash, subject to regulatory approvals.
The transaction is currently slated to close in the first half of 2025.
Robinhood Markets last traded at $21.57 on the Nasdaq.
Information for this briefing was found via Edgar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
