200 million dollars. Such an offer is being prepared by Robinhood Markets, co-owned by the Bulgarian Vlad Tenev, for the purchase of one of the largest crypto exchanges in the world – Bitstamp.
KEY FACTS
- Trading platform Robinhood Markets announced it has agreed to buy crypto exchange Bitstamp for about $200 million in cash, accelerating its broader foray into digital assets to become a full-fledged financial services provider, the company said.
- This is Robinhood’s largest deal to date. Before the start of trading, the shares of the company, co-owned by Bulgarian Vlad Tenev, rose by 3.4%.
- The acquisition of Bitstamp, founded in 2011 with 50 active licenses and registrations worldwide, puts Robinhood in direct competition with industry giants such as Binance and Coinbase. The exchange has offices in Luxembourg, UK, Slovenia, Singapore and the US and has more than 50 active licenses and registrations worldwide, as well as clients in the EU, US, UK and Asia.
- This acquisition will introduce Robinhood’s first institutional business and expand the company’s global expansion.
- The deal is expected to boost Robinhood Crypto’s growth.
IMPORTANT QUOTE
“The acquisition of Bitstamp is an important step in the growth of our crypto business. Bitstamp’s highly reliable and long-standing global exchange has shown resilience through market cycles,” Johan Kerbrat, vice president and general manager of Robinhood Crypto, told Reuters.
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ACCENT
The deal, which is expected to close in the first half of 2025, comes as Robinhood’s crypto business is experiencing rapid growth but also faces regulatory hurdles in the US. The company said it intends to continue communicating with regulators as the deal moves forward.
BIG NUMBER
69%. That’s how much growth Robinhood’s shares have reported since the beginning of the year. Analysts expect the company is poised for higher earnings amid a resurgence in retail trade and greater cryptocurrency adoption.
