Robinhood Acquires Canada's WonderFi for C$250 Million to Boost Global Crypto Presence

Robinhood Markets Inc. has announced its agreement to acquire WonderFi Technologies Inc., a Canadian digital asset company, for approximately C$250 million (around $179 million USD) in an all-cash transaction. This deal values WonderFi shares at C$0.36 each, representing a 41% premium over their closing price on May 12, 2025.

WonderFi operates two of Canada's longest-standing regulated cryptocurrency platforms, Bitbuy and Coinsquare, managing over C$2.1 billion in assets under custody. In fiscal year 2024, these platforms processed over C$3.57 billion in crypto trading volumes, marking a 28% increase from the previous year. The company serves approximately 1.7 million registered users across its platforms.

This acquisition signifies Robinhood's strategic expansion into the Canadian cryptocurrency market, aiming to enhance its global presence and diversify its financial services offerings. The integration of WonderFi's team into Robinhood's existing Canadian operations, which already employ over 140 people, is expected to bolster Robinhood's capabilities in the region. Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto, stated, "WonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhood's mission in Canada."

The acquisition is expected to close in the second half of 2025, pending regulatory approvals and shareholder consent. This move aligns with a broader trend of consolidation in the cryptocurrency industry, with other significant deals in 2025 including Coinbase's $2.9 billion acquisition of Deribit and Ripple's $1.25 billion purchase of Hidden Road.

Robinhood's entry into the Canadian market through this acquisition could intensify competition among cryptocurrency platforms, potentially leading to enhanced services and more competitive pricing for consumers. Additionally, the deal underscores the growing mainstream acceptance and integration of cryptocurrency services into traditional financial platforms, reflecting a significant shift in the financial services landscape.

As of June 17, 2025, Robinhood's stock (HOOD) is trading at $75.38 USD, with a market capitalization of approximately $36.85 billion.

This strategic move marks Robinhood's expansion into the Canadian cryptocurrency market, aiming to enhance its global presence and diversify its financial services offerings. WonderFi's team will join Robinhood's existing Canadian operations, which already employ over 140 people.

The acquisition aligns with Robinhood's broader strategy to evolve from a stock-trading app into a comprehensive financial services platform, reflecting the company's commitment to expanding its cryptocurrency services internationally.