Bitstamp lists BONK amidst Robinhood's acquisition plans
Modest BONK price uptick on Bitstamp post-Robinhood's support announcement.
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Bitstamp, one of the oldest crypto exchanges, has announced the listing of BONK, a popular meme coin from the Solana blockchain.
The BONK/USD and BONK/EUR trading pairs are now available on the platform globally, with the exception of the US and Singapore.
Woof woof! $BONK is live on Bitstamp! 🐕 💥
Unleash the fun side of crypto and check out this popular #memecoin from @solana today.
Start trading: https://t.co/YpBdrdoOO4@bonk_inu pic.twitter.com/0dfsKNoqvc
— Bitstamp (@Bitstamp) June 20, 2024
The listing comes just months after Robinhood, a commission-free trading platform, added support for BONK in March, resulting in a 19% price jump. The Bitstamp listing, however, has only led to a modest 2% increase in BONK’s price, according to data from CoinGecko.
This could be attributed to the ongoing regulatory challenges faced by the crypto industry, with the US Securities and Exchange Commission (SEC) recently labeling several tokens, including Solana, as unregistered securities in its legal actions against crypto exchanges Binance and Coinbase.
Despite these challenges, Robinhood remains bullish on the crypto market and has announced plans to acquire Bitstamp for $200 million in cash. The deal, which was revealed earlier this month, is expected to close in the first half of 2025.
According to broker Bernstein, the acquisition could significantly expand Robinhood’s crypto offerings, as Bitstamp currently lists more than 85 tokens, compared to Robinhood’s 15 in the US and over 30 in Europe.
Robinhood Crypto, a subsidiary of Robinhood, recently received a Wells Notice from the SEC, indicating the agency’s intention to initiate civil enforcement action against the company for alleged violations of the Securities Exchange Act of 1934.
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