Fintech Nexus Newsletter (June 6, 2024): Robinhood acquires Bitstamp in a $200m deal
Robinhood is still bullish on crypto despite the SEC warning the company it plans to sue over this part of its business.
We learned yesterday that Robinhood will acquire crypto exchange Bitstamp for $200 million, making this its largest acquisition to date.
The acquisition comes just a month after Robinhood received a Wells notice from the SEC over its crypto business. Clearly, this action has not impacted the company’s enthusiasm for the crypto side of its business.
Crypto revenue surged in the first quarter to $126 million from $38 million a year earlier.
Bitstamp was founded in 2011 and holds 50 active licenses globally, so the acquisition will allow Robinhood to expand its crypto offerings to many different countries.
The deal is expected to close in the first half of 2025.
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