Robinhood Markets Inc. has announced its intention to acquire Canadian cryptocurrency firm WonderFi in an all-cash transaction valued at approximately 250 million Canadian dollars (US$179 million). This move is aimed at bolstering Robinhood’s international presence and expanding its footprint in the digital asset sector.
WonderFi operates two of Canada’s prominent regulated crypto trading platforms, Bitbuy and Coinsquare, which collectively manage over 2.1 billion Canadian dollars in assets under custody. These platforms offer services including crypto trading, staking, and custody.
Under the terms of the agreement, Robinhood will acquire all outstanding shares of WonderFi at 0.36 Canadian dollars per share. This price represents a 41% premium over WonderFi’s last closing price on the Toronto Stock Exchange and a 71% premium over its 30-day volume-weighted average price.
The acquisition is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory and court approvals, as well as approval by WonderFi’s shareholders.
This acquisition is part of a broader trend of consolidation in the cryptocurrency industry, with major firms seeking to expand their global reach and service offerings. Notably, Robinhood’s move follows its 2024 acquisition of the Bitstamp cryptocurrency exchange for $200 million, enabling the company to serve institutional clients in the United States.
Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto, commented on the acquisition, stating that WonderFi has built a strong portfolio of brands serving both beginner and advanced crypto users, making them an ideal partner to accelerate Robinhood’s mission in Canada.
In 2024, WonderFi reported a trading volume of 3.57 billion Canadian dollars, marking a 28% increase from the previous year, highlighting the firm’s growth and relevance in the Canadian crypto market.
Robinhood’s acquisition of WonderFi underscores its commitment to expanding its global presence and enhancing its crypto offerings, positioning the company to better serve a growing international user base in the evolving digital asset landscape.
