Bitcoin
Bitstamp to be sold to Robinhood in $200 million deal
Trading platform Robinhood (HOOD) has agreed to acquire cryptocurrency exchange Bitstamp as it seeks to expand its crypto presence globally and attract institutional clients through new product offerings, the company announced on Tuesday.
The $200 million all-cash deal is expected to close in the first half of 2025, according to the press release. Barclays Capital and Galaxy Digital advised Robinhood and Bitstamp on the sale, the companies said.
“The acquisition of Bitstamp is an important step in growing our crypto business,” said Johann Kerbrat, general manager at Robinhood Crypto. “Bitstamp’s long-standing, highly trusted global exchange has shown resilience through market cycles… Through this strategic combination, we are better positioned to expand our presence outside the U.S. and welcome institutional clients to Robinhood.”
Bitstamp is a UK-based cryptocurrency exchange that was founded in 2011 and quickly became one of the largest cryptocurrency exchanges in Europe. It currently offers spot trading of over 85 cryptocurrencies, as well as other crypto products, including institutional lending and staking, among others. It is one of the most regulated on the market, having more than 50 licenses and registrations worldwide, according to the statement. It is also subject to regular audits by a Big Four global accounting firm.
Robinhood has started offering crypto trading to customers in the European Union in December.
“Bringing the Bitstamp platform and experience into the Robinhood ecosystem will provide users with an enhanced trading experience with an ongoing commitment to compliance, security and customer-centricity,” said JB Graftieaux, CEO of Bitstamp, who along with the rest of leadership team will remain in place after the sale.
The deal could increase competition in the crypto exchange market, as Robinhood’s international expansion could take more market share from the likes of Coinbase (COIN), which is also pushing to grow outside of North America.