The Bitstamp acquisition is a strategic move by Robinhood to expand its crypto business, the report said.
Bernstein said that by acquiring an exchange the trading platform can offer markets in many more tokens. JMP said it doesn't expect material accretion from the deal. Robinhood’s acquisition of Bitstamp is a strategic move by the trading platform to expand its crypto business and positions the company well against competitors such as Coinbase and Kraken, broker Bernstein said in a research report on Friday.
Exchanges offer a wide range of services such as staking, stablecoins, trading, custody and prime broking, the note said. The acquisition of Bitstamp potentially allows Robinhood to offer a wider range of crypto products to a more institutional client base. Bernstein has an outperform rating on Robinhood stock with a $30 price target. The shares were little changed in early trading on Friday at around $23.
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