Shares of Robinhood Markets, Inc. (HOOD) gained nearly 4% on Thursday morning after the stock-trading platform agreed to buy crypto-exchange Bitstamp for about $200 million.
HOOD is currently trading at $22.34, up $0.77 or 3.57%, on the Nasdaq. The stock opened its trading at $22.26 after closing Wednesday at $21.57. The stock has traded between $7.91 and $22.95 in the past 52-week period.
Bitstamp, a global cryptocurrency exchange, was founded in 2011 and has offices in Luxembourg, the UK, Slovenia, Singapore, and the US. Bitstamp holds over 50 active licenses and registrations globally and will bring in customers across the EU, UK, US and Asia to Robinhood.
Robinhood expects the final deal consideration to be approximately $200 million in cash and expects to close in the first half of 2025.
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