Robinhood Acquires Bitstamp, $500M SOL Raise Planned
Happy Tuesday! While the crypto market activity remains slow as summer approaches, digital asset firm K33 suggests that upcoming changes in tariff narratives may impact the market in June. Today, Robinhood announced the completion of its $200 million acquisition of the crypto exchange Bitstamp, gaining regulatory approval after a year. This marks Robinhood's first venture into institutional crypto services. Additionally, Classover, a Nasdaq-listed education tech company, plans to raise $500 million through convertible notes to purchase SOL, aiming to allocate up to 80% of the raised funds for this purpose. Kraken has introduced Kraken Prime, a comprehensive service offering institutional clients a single platform for trading, custody, and financing through cryptocurrencies. The Ethereum Foundation has restructured its R&D division to focus on Layer 1 scaling, blobspace, and user experience improvements, following leadership changes and layoffs. The Blockchain Group has bolstered its Bitcoin holdings by purchasing 624 BTC, worth approximately $69 million, bringing their total to 1,471 BTC. Keep updated on critical events in the digital asset ecosystem with The Block's daily digest.
FAQ
❓ What does Robinhood's acquisition of Bitstamp mean?
The acquisition allows Robinhood to enter institutional crypto services, expanding its market presence.
❓ Why is Classover raising $500 million?
Classover aims to invest heavily in SOL by allocating up to 80% of the $500 million raised for its treasury.
❓ What is Kraken Prime?
Kraken Prime is a new platform offering institutional clients combined access to crypto trading, custody, and financing.