Key Takeaways
Robinhood will acquire WonderFi in a $178 million all-cash deal.
The acquisition expands Robinhood’s presence in Canada’s digital asset market.
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Popular trading platform Robinhood Markets announced Tuesday it had reached an agreement to buy WonderFi, one of Canadaâs largest regulated crypto trading ecosystems, for $250 million CAD (approximately $178 million) in cash.
The deal, which represents a 41% premium to WonderFiâs last closing share price and 71% above its 30-day average, will give Robinhood a major foothold in one of the worldâs fastest-growing digital asset markets and is part of the companyâs ongoing push to build a global financial ecosystem.
WonderFi operates Bitbuy and Coinsquare, two key exchanges in Canada, which together manage over $2.1 billion CAD in client assets under custody. WonderFi also has the largest user base of crypto participants in Canada, with approximately 1.6 million active users across its platforms.
âWonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhoodâs mission in Canada,â said Johann Kerbrat, SVP and GM of Robinhood Crypto, in a statement.
Dean Skurka, WonderFiâs President and CEO, said, âWonderFi and Robinhood are united in our visions of making crypto accessible and bringing more people into the crypto space. Weâre delighted to be joining the Robinhood team and to super-charge our product offerings for customers.â
Robinhood established its Canadian headquarters in Toronto in 2024, and the company plans to retain WonderFiâs leadership team and continue operating its platforms after the deal closes. WonderFi employees will join Robinhoodâs growing presence in Canada, where more than 140 staff are already based.
The transaction is expected to close in the second half of 2025, subject to regulatory approvals, court approval, and WonderFi shareholder approval.
The move follows Robinhoodâs $200 million acquisition of Bitstamp announced last June, the companyâs largest deal to date. Bitstamp is considered a key global player in the crypto space, with a strong footprint across Europe and Asia.
Earlier this month, Robinhood reported total revenues of $927 million in Q1, down 8.6% from the previous quarter, but still exceeding Wall Streetâs expectations.
The platformâs crypto revenue dropped nearly 30% quarter-over-quarter, and trading volume in crypto also fell 35%, largely due to market cap declines triggered by Trumpâs tariff agenda. Still, on a year-over-year basis, Robinhoodâs crypto revenue doubled, and trading volumes increased by 28%.
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