Robinhood's $200 million Bitstamp deal takes it beyond retail trading

Robinhood has officially closed its $200 million acquisition of Bitstamp, bringing one of the world's longest-running cryptocurrency exchanges into its fold and signaling a strategic shift beyond retail trading and into the world of institutions.

The all-cash deal, first announced last year, gives Robinhood an immediate international footprint — including more than 50 active crypto licenses across Europe, the UK and Asia — as well as an established institutional client base, something the retail trading app has long lacked.

For Robinhood, the deal marks a move into deeper waters: institutional crypto flows, lending and staking infrastructure, and white-label "crypto-as-a-service" products built for hedge funds, fintechs and registered investment advisors — all of which require robust systems for custody, price discovery and settlement.

"I wouldn't call it necessarily a pivot," Robinhood Crypto General Manager Johann Kerbrat told CNBC. "For us, it's combining the strengths of the two businesses. We are one of the largest retail marketplaces in the U.S. ... They have products that we don't have, like order books, crypto as a service, advanced API and lending and staking, and thanks to that, we will be able to get into this space not starting from scratch."

Robinhood, which launched crypto trading in 2018 and helped drive the meme-coin mania of 2021, has in recent months worked to rebrand itself as a serious player in the next phase of digital asset finance — one that's increasingly defined by regulation, institutional capital, and cross-border competition.

"Now that we're starting to see the regulatory clarity coming from Congress and the administration, more and more institutions are going to want to get into crypto," Kerbrat said.

The Bitstamp deal gives it a head start.

Founded in 2011, Bitstamp is known for its deep liquidity, compliant reputation and minimalist approach. While not flashy, Bitstamp has weathered multiple market cycles and built longstanding relationships with institutional partners across Europe and Asia — something Robinhood plans to leverage.

Earlier this month, Robinhood also acquired Canadian crypto firm WonderFi to tap into Canada's established user base.

"Robinhood is a marketplace. We don't match orders. And with Bitstamp, we will have a robust product offering that will really allow us to build more on the active trader and advanced trader side of things," Kerbrat said.

"That's going to be a big step for us and really diversify our crypto business, not just from retail in the U.S. — to a global offering," he said.

It also gives Robinhood a regulatory on-ramp to Europe, where crypto rules are clearer compared with the fragmented approach in the U.S.

The company confirmed it will maintain Bitstamp's existing interfaces and operations for now, while exploring deeper integration over time. Bitstamp is already being used behind the scenes for smart order routing through Robinhood's institutional web platform, Robinhood Ledger.

"The flow we're sending to Bitstamp will make Bitstamp more lively — and attract more institutions," Kerbrat said.

The acquisition closes at a critical moment for Robinhood.

The fintech player has continued to expand aggressively, including listing new tokens, launching staking, and teasing international product rollouts. Bitstamp's regulatory track record and licensing portfolio may offer a measure of insulation as Robinhood pushes further into new international markets.

Kerbrat said he doesn't rule out the possibility of other acquisitions.

"If we can find a way to accelerate by at least 18 months or two years — and we have a lot of great reason to believe this is a great acquisition — it's something that we'll definitely look at," he said.