Friday, June 9, 2023
HomeNewsBitcoin Exchange Bitstamp, Backed By Pantera Capital Gets Acquired For $400 Million

Bitcoin Exchange Bitstamp, Backed By Pantera Capital Gets Acquired For $400 Million

Bitstamp, a Bitcoin(BTC) exchange based out of Luxembourg, has reportedly been acquired by NXMH, a private equity and investment firm based in Brussels for a whooping sum of $400 Million. Bitstamp announced the acquisition on Monday, though the financial terms of the contract aren’t revealed, it is rumored that the sum involved is around $400 million.

Co-founded by 29-year-old Slovenian native Nejc Kodri? in 2011 with just 1,000 euros, Bitstamp has grown into one of the world’s largest cryptocurrency exchanges. Since it inception, the platform has managed to raise a total of about $14 million from investors including Pantera Capital.

Kodric, who will remain the CEO of the platform told Fortune in an interview, that nothing major is expected yo change for either the customers or its 180 employees. He said:

“We have kind of the same opinion as NXMH—why change something if it works perfectly well?” he said, adding that Bitstamp “has been profitable from almost day one.”

NXMH also owns Korbit, a South Korean cryptocurrency exchange; Kodric clarifies that the a merger between  Bitstamp and Korbit is not on the cards, even if they are now under the same parent company. Though there might be a chance that technology, resource, and development resources are shared.  He stated:

“We’ve talked about it, but we decided to keep the companies running separately.”

NXMH was amongst the four interested bidders pool that began in mid-2017. The deal was struck when Bitcoin was peaking near $20,000, last December. The regulatory approval for the acquisition took much of this year.  He added:

“We were not looking to sell. We were definitely not looking for investment because we didn’t need to raise the capital. “We were very much aligned—where we see the industry going and what the company wants to be. They’re willing to help us along the way, and help us with our global expansion.”

Reportedly, Kodri? has cashed out majority of his stake, just retaining 10% of Bitstamp’s shares as he perceives NXMH as a like-minded partner to his venture.


Most Popular