Robinhood Expands into Canada by Acquiring WonderFi
On Tuesday, Robinhood announced its intention to acquire the Canadian cryptocurrency firm WonderFi in an all-cash deal valued at C$250 million (approximately US$178 million), representing a notable advancement in the brokerage’s efforts to penetrate the global crypto market.
This acquisition will enable Robinhood to access over C$2.1 billion in assets under custody, strengthening its foothold in one of the world’s fastest-growing cryptocurrency sectors.
WonderFi, which operates two of Canada’s leading regulated platforms—Bitbuy and Coinsquare—will continue functioning under the Robinhood Crypto brand.
As per the announcement, WonderFi shareholders will receive C$0.36 per common share, offering a 41% premium over the stock’s closing price on May 12 and a 71% premium relative to its 30-day volume-weighted average price.
The transaction is expected to complete in the second half of 2025, subject to shareholder and regulatory approvals.
Leadership Changes
Following the conclusion of the acquisition, WonderFi’s leadership team, including CEO Dean Skurka, will merge into Robinhood Crypto and continue to manage Canadian operations. Additionally, WonderFi employees will become part of Robinhood’s existing Canadian team, which consists of over 140 personnel based in Toronto.
“WonderFi has built a robust family of brands tailored to both newcomers and seasoned crypto users, making them an excellent partner for advancing Robinhood’s mission in Canada,” remarked Johann Kerbrat, GM of Robinhood Crypto.
In recent years, Robinhood has been expanding its cryptocurrency offerings, having acquired Bitstamp for $200 million in 2024.
The acquisition of WonderFi is in line with this growth strategy, positioning Robinhood to provide Canadian retail investors with a comprehensive array of crypto services, including trading, staking, and custody.
WonderFi has approximately 1.6 million users across its platforms and reported over C$3.57 billion in trading volume for the fiscal year 2024, reflecting a 28% increase year-over-year. The company entered the public market through a reverse takeover in 2021 and has since become one of Canada’s foremost cryptocurrency providers.
Robinhood intends to finance the acquisition using available cash. J.P. Morgan served as the exclusive financial advisor for Robinhood, while WonderFi received guidance from FT Partners along with multiple legal and financial firms, as disclosed by the companies.