Markets
Robinhood Markets to Acquire Bitstamp, Growing Its Crypto 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 stock trading and cryptocurrency app businesses, the company announced Thursday.
- The acquisition of Bitstamp will accelerate the development of Robinhood (HOOD) expansion of cryptography worldwide. Bitstamp has over 50 active licenses and registrations worldwide and will attract Robinhood customers from the EU, UK, US and Asia. Robinhood stock rose 3.4% in premarket trading Thursday.
- The final transaction amount is expected to be approximately $200 million in cash and the transaction is expected to close in the first half of 2025.
- “The acquisition of Bitstamp is a major milestone in the growth of our crypto business. Bitstamp’s long-standing and highly trusted global exchange has demonstrated resilience through market cycles,” said Johann Kerbrat, Chief Executive Officer from Robinhood Crypto. “With this strategic combination, we are better positioned to expand our presence outside of the United States and welcome institutional clients to Robinhood.”