Robinhood Markets Inc ( HOOD ) shares are moving higher Thursday after the company announced it will acquire cryptocurrency exchange Bitstamp.

What Happened: Robinhood announced Thursday morning that it entered into an agreement to acquire Bitstamp and bring its globally-scaled crypto exchange to Robinhood.

Bitstamp holds over 50 active licenses and registrations globally. Robinhood said it expects the takeover of the global exchange to significantly accelerate the company’s crypto’s expansion worldwide.

“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. 

“Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood.”

Robinhood expects the final deal consideration to be approximately $200 million in cash. The acquisition is expected to close in the first half of 2025.

“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,” said JB Graftieaux, CEO of Bitstamp.

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HOOD Price Action: Robinhood shares were up 4% at $22.44 at the time of publication, according to Benzinga Pro.