The US-based financial services company Robinhood has entered into an agreement to acquire Bitstamp. The acquisition, which will introduce Robinhood’s first institutional business, will help accelerate its worldwide expansion, said a from the firm published on 6 June 2024.

“The acquisition of Bitstamp is a major step in growing our crypto business. Bitstamp’s highly trusted and long standing global exchange has shown resilience through market cycles,” said Johann Kerbrat, general manager of Robinhood Crypto in the communiqué. “Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood.”

Bitstamp’s team will “join forces” with Robinhood, added the press release, boosting collaboration and knowledge sharing.

“As the world’s longest running cryptocurrency exchange, Bitstamp is known as one of the most-trusted and transparent crypto platforms worldwide,” commented , CEO of Bitstamp. “Bringing Bitstamp's platform and expertise into Robinhood’s ecosystem will give users an enhanced trading experience with a continuing commitment to compliance, security, and customer-centricity.”

Robinhood expects the final deal consideration to be approximately $200m in cash, added the firm, subject to customary purchase price adjustments. The acquisition is subject to closing conditions such as regulatory approvals, and is expected to close in the first half of 2025.

Founded in 2011, Bitstamp has offices in Luxembourg, the UK, Slovenia, Singapore and the US. Robinhood Markets, which was founded in 2013 and has its headquarters in Menlo Park California, provides an online platform for trading stocks, exchange-traded funds and cryptocurrency.