Robinhood acquires Bitstamp for 200 million USD, reviewing the top 5 major acquisitions in the crypto industry this year

Author: Deep Tide TechFlow

The fluctuations in the secondary market are no longer the whole story of the crypto industry.

Mergers and acquisitions are becoming the new normal in the crypto industry this year.

On June 3, Robinhood, known for its low-threshold stock and cryptocurrency trading, acquired the Luxembourg-based crypto exchange Bitstamp for $200 million in cash.

In the crypto market, buying a mature business is much more cost-effective than starting from scratch; instead of struggling from zero, it's better to exchange efficiency through mergers and acquisitions.

This strategy seems to be spreading in the crypto industry, with significant capital acquisitions frequently occurring this year, from exchanges to payment infrastructure and derivatives markets. Each participant may not have completely aligned interests, but the motivations are largely the same:

Entrants hope to band together for warmth, to grow stronger; exiters hope to sell at a good price and make a turnaround.

Including Robinhood, there have been five major acquisition cases in the industry this year. We summarize them as follows to see what dynamics are hidden in the capital's calculations.

1. Robinhood Acquires Bitstamp: The Fast Track to Global Licensing

Acquisition Amount: $200 million

Acquisition Business: Exchange

First, it’s important to know that Bitstamp holds over 50 regulatory licenses and is known for its compliance and institutional client base.

The exchange is also one of the oldest crypto exchanges, with public data showing that it currently serves 5,000 institutions and 50,000 retail users.

Robinhood needs no introduction; it is the leading retail trading platform in the U.S., previously relying mainly on stock and crypto trading revenue from American retail investors. Media analysis indicates that by acquiring Bitstamp, Robinhood gained immediate access to global markets, avoiding the lengthy licensing application and customer accumulation process, and quickly expanding into Europe, the UK, and Asia.

More importantly, with Bitstamp's existing institutional clients, Robinhood can convert institutional trading volume into a new growth engine.

Institutional trading volume injects a stable revenue stream into Robinhood, compensating for the volatility of the retail market.

The significance of this deal goes far beyond the numbers.

Robinhood not only saved substantial costs of building a global platform but also gained institutional trust through Bitstamp's compliance reputation. In the market, this may also signify Robinhood's challenge to crypto giants like Coinbase, as a strategy balancing retail and institutional focus may reshape its brand positioning.

2. Stripe Acquires Bridge Network: The Payment Giant's Crypto Layout

Acquisition Amount: $1.1 billion

Acquisition Business: Stablecoin

In early 2025, payment giant Stripe took its first major step into the crypto field by acquiring stablecoin startup Bridge Network for $1.1 billion.

Bridge Network focuses on stablecoin infrastructure, providing cross-border payment and settlement solutions for businesses, including small and medium-sized financial institutions.

As a global leader in online payments, Stripe has previously had little activity in the crypto space. This acquisition clearly indicates that the payment giant has sensed the potential opportunities in stablecoins, which align well with its existing payment business channels.

Stripe's strategy is astute: rather than spending years on research and development, it is better to directly integrate Bridge's existing technology to accelerate the commercialization of crypto payments.

Acquiring Bridge allows Stripe to quickly gain mature stablecoin technology and a customer network, avoiding the complex processes of developing payment blockchain and issuing stablecoins from scratch.

This deal enhances Stripe's competitiveness in the global payment market, adding a new chip in the competition with PayPal and Square. On an industry level, Bridge's stablecoin solution may push crypto payments into mainstream retail scenarios.

However, although Stripe is large, entering the stablecoin market also requires balancing compliance requirements for traditional financial clients and the crypto market; against the backdrop of the GENIUS Act likely passing, this acquisition appears very forward-looking.

3. Coinbase Acquires Deribit: Intense Competition in the Crypto Derivatives Market

Acquisition Amount: $2.9 billion

Acquisition Business: Derivatives Trading

In May 2025, Coinbase acquired the Dubai-based crypto derivatives exchange Deribit for $2.9 billion, setting a record for the largest crypto acquisition ever.

Deribit is a leading global platform for crypto options and futures, holding a significant share of the options trading market, primarily serving institutional and high-net-worth investors; Coinbase, as the largest crypto exchange in the U.S., has long been a dominant player in spot trading. However, its derivatives business has been relatively weak, and acquiring Deribit allows Coinbase to inherit its mature trading system and institutional client base, saving the lengthy cycle of building a derivatives platform from scratch.

Coinbase not only fills a business gap but may also leap to become a leader in the global derivatives market, intensifying competition with Binance in contract trading.

At the same time, Deribit's compliance framework may promote the standardization of the crypto derivatives market, attracting more institutions to enter. However, $2.9 billion is not a small number; the high acquisition cost and integration difficulty will test Coinbase's operational capabilities, and how to recoup this investment will require further observation.

4. Kraken Acquires NinjaTrader: Transitioning from Crypto to Multi-Asset Trading

Acquisition Amount: $1.5 billion

Acquisition Business: Derivatives Trading (Traditional Market)

In March 2025, Kraken acquired the futures trading platform NinjaTrader for $1.5 billion, moving towards a multi-asset trading transition.

NinjaTrader is a leading platform for retail futures trading, boasting a large active trader community and covering traditional financial assets such as stocks, futures, and forex.

As an established crypto exchange, Kraken has faced user growth bottlenecks in recent years.

Acquiring NinjaTrader allows Kraken to quickly gain mature futures trading technology and a user base, avoiding the resource investment required to build a multi-asset platform from scratch.

Kraken's ambition is evident: through mergers and acquisitions, it aims to rapidly transition from a single crypto exchange to a comprehensive trading platform, attracting traditional financial users into the crypto market. This deal could reshape Kraken's brand image and enhance its competitiveness in the North American market.

On an industry level, the further acceleration of the integration between crypto and traditional finance is an obvious trend; Kraken's acquisition move also provides retail investors outside the crypto circle a new choice, as traders still using NinjaTrader can also venture into crypto assets;

Moreover, the integration of crypto and stocks on one platform offers users in the crypto space more diverse options.

5. Ripple Acquires Hidden Road: The New King of Institutional Services in Crypto

Acquisition Amount: $1.25 billion

Acquisition Business: Institutional Services

In April 2025, Ripple acquired multi-asset major broker Hidden Road for $1.25 billion, becoming a pioneer in institutional services in the crypto industry.

Hidden Road provides brokerage services for stocks, crypto, and forex to institutions, including hedge funds and asset management companies. Ripple is known for XRP and cross-border payments and has recently launched the stablecoin RLUSD.

Acquiring Hidden Road allows Ripple to directly gain access to a global brokerage network and institutional clients, enhancing the institutional application scenarios for RLUSD and making Ripple the only crypto company with a global multi-asset brokerage, finding its footing in a market dominated by USDT and USDC.

In terms of market impact, Hidden Road's compliance advantages may attract more institutions into the crypto space, promoting industry standardization. However, Ripple's XRP lawsuit has not yet fully concluded, and regulatory risks may affect the integration process.

The Game of Entry and Exit in Mergers and Acquisitions

Looking back at these significant acquisitions that occurred in the first half of this year, it seems that this wave is not just a capital frenzy but more like a game between entry and exit.

On one side are crypto companies seeking to exit, eager to lock in profits through IPOs, acquisitions, or mergers; on the other side are traditional companies and "old money" capital, eager to enter this high-growth market through mergers and acquisitions.

Many crypto companies actually have exit demands, and the ways to exit are mainly through IPOs or being acquired.

An IPO is a prominent path; for example, stablecoin issuer Circle plans to go public in 2025 with a valuation of up to $9 billion. Circle rejected Ripple's acquisition offer of $5 billion, choosing an IPO to realize greater value, demonstrating the confidence of mature crypto companies in the capital market.

However, an IPO is not the only way out.

Robinhood's acquisition of Bitstamp for $200 million is a good example, showing that crypto companies can quickly realize value by selling to strategic buyers, especially for platforms with complete licenses and a solid customer base.

The lengthy cycle and high costs of building a business deter many small to medium-sized crypto companies or outside firms, making selling to larger players a more realistic choice.

This wave of exits also reflects signs of industry maturity: profit pressures and regulatory requirements are forcing companies to reassess their long-term strategies.

At the same time, traditional companies and established capital are flocking in, viewing the crypto market as a new growth engine.

Payment giant Stripe's entry is similar; private equity firms and traditional financial giants ("old money") are also rushing in through acquisitions.

A report from Financial IT shows that in the first half of 2025, there were 88 crypto acquisition deals totaling $8.2 billion, nearly three times the total transaction value of 2024.

The participation of traditional finance is significantly increasing.

These players are not only interested in technology but also in ready-made customer networks, compliance frameworks, and market shares. Acquiring mature companies allows them to establish a foothold in the shortest time, especially in the context of tightening regulations, where licenses and compliance become scarce resources.

The entry of traditional capital is blurring the lines between crypto and traditional finance, accelerating the industry's legitimization.

Overall, I believe that the crypto acquisition boom in 2025 is a two-way rush of exits and entries.

This inevitably reminds one of a saying:

The crypto circle is just that big; when some come in, some have to leave.