Robinhood expands crypto efforts with $200M purchase of Bitstamp

Robinhood Markets revealed Thursday it will purchase Bitstamp. In a press release, the company said it expects to pay about $200 million in cash as part of the deal to become the owner of the cryptocurrency exchange. It is aiming to complete the acquisition sometime in the first six months of next year. The deal comes as Robinhood works to boost its international footprint and expand into institutional business offerings.

The company highlighted Bitstamp’s more than 50 active licenses and registrations around the world and to its base of customers in Europe, the U.S. and Asia, saying it will "significantly accelerate" global growth of its crypto arm. Robinhood has experienced major gains in the sector, reporting a 224% year-over-year increase in crypto notional trading volumes in the first quarter.

Vlad Tenev, the CEO and co-founder of Robinhood, said Thursday in an X post that the company "believe crypto will fundamentally reorganize the financial system, and we’re acquiring @Bitstamp to accelerate our vision." The company also said it will make its entrance into institutional business "with active and established relationships, infrastructure and industry-leading products" thanks to Bitstamp and its array of institutional services like lending and staking.

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