Skip to Content Facebook Feature Image

Robinhood buying crytocurrency exchange Bitstamp for about $200 million

Business

Robinhood buying crytocurrency exchange Bitstamp for about $200 million
Business

Business

Robinhood buying crytocurrency exchange Bitstamp for about $200 million

2024-06-06 20:09 Last Updated At:20:10

Robinhood Markets Inc. is buying crytocurrency exchange Bitstamp for about $200 million in cash as the company looks to speed up its cryptocurrency expansion globally.

Bitstamp, founded in 2011, has offices in Luxembourg, the UK, Slovenia, Singapore, and the US. It has more than 50 active licenses and registrations worldwide and customers across the European Union, United Kingdom, United States and Asia.

Robinhood said Thursday that this will be its first institutional business.

"Bitstamp’s highly trusted and long standing global exchange has shown resilience through market cycles. By seamlessly coupling customer experience with safety across geographies, the Bitstamp team has established one of the strongest reputations across retail and institutional crypto investors,” Johann Kerbrat, general manager of Robinhood Crypto, said in a statement. “Through this strategic combination, we are better positioned to expand our footprint outside of the U.S. and welcome institutional customers to Robinhood.”

The deal is expected to close in the first half of next year.

The news comes a month after Robinhood Markets announced that it had received a notice from the Securities and Exchange Commission about alleged securities violations at its crypto division.

The company said in a regulatory filing that it received investigative subpoenas from the SEC about issues including cryptocurrency listings, custody of cryptocurrencies, and platform operations.

Robinhood Crypto has cooperated with the investigation, the company said.

Shares of Robinhood Markets rose more than 2% before the market open.

FILE - Electronic screens in New York's Times Square announce the Robinhood IPO, July 29, 2021. Robinhood Markets Inc. is buying crytocurrency exchange Bitstamp, Thursday, June 6, 2024, for about $200 million as the company looks to speed up its cryptocurrency expansion globally. (AP Photo/Mark Lennihan, File)

FILE - Electronic screens in New York's Times Square announce the Robinhood IPO, July 29, 2021. Robinhood Markets Inc. is buying crytocurrency exchange Bitstamp, Thursday, June 6, 2024, for about $200 million as the company looks to speed up its cryptocurrency expansion globally. (AP Photo/Mark Lennihan, File)

FORT WORTH, Texas (AP) — Jurrangelo Cijntje wants to keep his options open with the Seattle organization as a pitcher who switches between throwing right-handed and left-handed.

The 15th overall pick by the Mariners in Major League Baseball's amateur draft Sunday night, Cijntje said there was a reason he threw righty to lefty batters more often with Mississippi State in 2024.

“I had discomfort in my left side in the middle of the season,” Cijntje said. “I was talking to my pitching coach, and he was like, ‘You can just rest now from the left side and you can just focus on the right side.’ Everything is good now.”

The Mariners said they want Cijntje, who was a switch-pitcher for Curacao in the 2016 Little League World Series, to decide how to proceed as a righty and/or lefty as a pro. Cijntje says he would prefer to continue pitching from both sides.

According to his MLB.com draft profile, Cijntje was a natural left-hander who started throwing righty as a 6-year-old to mimic his father, Mechangelo, a former pro baseball player in the Netherlands.

There is some natural righty in him, though. Cijntje says he writes right-handed, while eating is somewhat like pitching — the 21-year-old uses both hands.

Cijntje agrees with scouting reports that say his fastball velocity is better right-handed, in the mid-90 mph range compared to low 90s from the left side. He throws with a lower arm angle as a lefty, which means relying more on off-speed pitches from that side.

Scouts also believe Cijntje's future might be as a right-hander, which is why going against the percentages by pitching right-handed against lefties more often this season was notable.

“On the right side, I have more feel just because I used the right side very much more than the left side because at some point I stopped using the left side,” Cijntje said. “But I can feel the left side is becoming better.”

Cijntje was drafted in the 18th round by Milwaukee in 2022 out of high school in the Miami area but chose to attend Mississippi State.

After a rough freshman season in 2023, Cijntje was 8-2 with a 3.67 ERA this past season. He pointed to a 15-5 win over then-defending champion LSU as a launching pad for where he ended up as one of the six prospects awaiting their fate at a rodeo arena in the historic Fort Worth Stockyards.

“I think after that, I started getting good outing after good outing,” Cijntje said. “For me, that was like, ‘You’ve got to be on your A game,' and don't back down about nothing.”

Now, Cijntje doesn't want to back down on pitching righty and lefty.

AP MLB: https://apnews.com/hub/MLB

Seattle Mariners Executive Vice President & General Manager Justin Hollander, far left, President, Baseball Operations Jerry Dipoto, second from left, react after Senior Director, Amateur Scouting Scott Hunter, right, makes the selection for the team's first pick of Jurrangelo Cijntje, of Mississippi State, in the draft room at T-Mobile Park during the MLB baseball draft, Sunday, July 14, 2024, in Seattle. (AP Photo/John Froschauer)

Seattle Mariners Executive Vice President & General Manager Justin Hollander, far left, President, Baseball Operations Jerry Dipoto, second from left, react after Senior Director, Amateur Scouting Scott Hunter, right, makes the selection for the team's first pick of Jurrangelo Cijntje, of Mississippi State, in the draft room at T-Mobile Park during the MLB baseball draft, Sunday, July 14, 2024, in Seattle. (AP Photo/John Froschauer)

Jurrangelo Cijntje is interviewed after being selected 15th overall by the Seattle Mariners in the first round of the MLB baseball draft in Fort Worth, Texas, Sunday, July 14, 2024. (AP Photo/LM Otero)

Jurrangelo Cijntje is interviewed after being selected 15th overall by the Seattle Mariners in the first round of the MLB baseball draft in Fort Worth, Texas, Sunday, July 14, 2024. (AP Photo/LM Otero)

Recommended Articles