Recent days have seen significant deals in the cryptocurrency market, including the completion of Robinhood's acquisition of Bitstamp and active moves by other companies.
Acquisition of Bitstamp
Robinhood has completed its $200 million acquisition of the cryptocurrency exchange Bitstamp. The deal was paid entirely in cash and adds over 50 licenses, significantly expanding Robinhood's crypto operations. Bitstamp serves over 5,000 institutional clients and around 50,000 retail users, enhancing Robinhood's global presence. In the past year, Bitstamp generated $95 million in revenue and will now be integrated into Robinhood's ecosystem, including the Legend platform and Smart Exchange Routing system. Robinhood also expects to incur approximately $65 million in related costs as the integration progresses in 2025.
FalconX Acquires Monarq Asset Management
FalconX has acquired a majority stake in Monarq Asset Management, previously linked to FTX, which will allow it to expand its asset management services for institutional clients. The acquisition aligns with FalconX's efforts to broaden its operations and deepen its reach into the institutional investor space. Although the financial details were not disclosed, Monarq possesses strategic infrastructure and client connections that FalconX intends to leverage for growth. FalconX previously acquired Arbelos Markets and partnered with Standard Chartered to enhance institutional crypto banking services.
OCG Acquires Moonbirds from Yuga Labs
Crypto startup Orange Cap Games (OCG) has acquired the intellectual property rights to the NFT collection Moonbirds from Yuga Labs. The deal announced on May 30 includes not just Moonbirds but also its sister collections, Mythics and Oddities. Financial terms have not been disclosed, but OCG now holds the stewardship of this once-iconic NFT brand. Since Yuga Labs' acquisition of Moonbirds, it has been offloading several of its IP assets in response to market trends, while the NFT sector shows signs of revival.
Recent deals in the cryptocurrency market highlight a growing interest in integration and asset exchanges, as well as the potential recovery of the NFT sector.
