Robinhood is strengthening its crypto presence beyond U.S. borders with the acquisition of Canadian crypto firm WonderFi, in a move that highlights its ambition to lead in regulated digital asset markets globally.
On Tuesday, Robinhood Markets Inc. announced it will acquire WonderFi Technologies Inc. in an all-cash deal valued at C$250 million (US$178 million). This strategic acquisition provides Robinhood access to more than C$2.1 billion in assets under custody and a growing user base in one of the world’s most rapidly developing crypto markets.
WonderFi: A Canadian Crypto Powerhouse
WonderFi operates two of Canada’s most well-established and regulated crypto trading platforms—Bitbuy and Coinsquare. Together, the platforms serve approximately 1.6 million users and processed more than C$3.57 billion in trading volume during fiscal year 2024, reflecting a 28% year-over-year growth.
The deal values WonderFi shares at C$0.36 per common share, representing a 41% premium over the stock’s May 12 closing price and a 71% premium over its 30-day volume-weighted average price. The transaction is expected to close in the second half of 2025, pending shareholder and regulatory approvals.
Strengthening Robinhood’s Global Crypto Strategy
Robinhood’s acquisition of WonderFi follows its $200 million acquisition of Bitstamp in 2024, showcasing the firm’s continued investment in expanding its global crypto footprint. With WonderFi under its umbrella, Robinhood gains regulated access to the Canadian crypto market, expanding its service offerings to include trading, staking, and custody solutions tailored to both beginner and advanced users.
“This acquisition is a natural extension of our mission to democratize finance,” said Johann Kerbrat, General Manager of Robinhood Crypto. “WonderFi has built a formidable family of brands serving crypto users across Canada, making them an ideal partner to accelerate Robinhood’s growth.”
Leadership and Integration
Upon closing, WonderFi’s CEO Dean Skurka and other key leaders will join Robinhood Crypto and oversee Canadian operations. The company’s workforce will be integrated into Robinhood’s Canadian team, which already includes over 140 employees based in Toronto.
The acquisition will be funded through Robinhood’s cash reserves, signaling the firm’s robust financial position. J.P. Morgan acted as the exclusive financial advisor to Robinhood, while WonderFi was represented by FT Partners and other legal and financial firms.
A Big Win for Canada’s Crypto Sector
Canada has emerged as a top-tier market for regulated crypto services, and this deal positions Robinhood as a leading player in the space. By acquiring platforms with deep local roots and regulatory compliance, Robinhood is poised to deliver a full suite of crypto products tailored to the Canadian market.
The WonderFi acquisition is not just a significant milestone for Robinhood, but also a vote of confidence in the Canadian crypto industry. It reflects a growing appetite for regulated digital asset solutions and an increasing convergence between traditional financial platforms and blockchain technology.
