Robinhood to acquire Canadian crypto platform WonderFi

Robinhood has signed an agreement to acquire the Canadian crypto platform WonderFi. The acquisition will help Robinhood expand into the local market. 

Robinhood announced the acquisition through its X account, extending the streak of crypto mergers and consolidation. The fintech app plans to expand into the Canadian market and will use WonderFi’s experience and assets.

Robinhood has signed an agreement to acquire @WonderFi, a Canadian leader in crypto products.

We’re excited to partner with WonderFi to accelerate Robinhood’s mission in Canada.

More details: https://t.co/B2ygTDYOPw pic.twitter.com/9u1c0vJeWV

— Robinhood (@RobinhoodApp) May 13, 2025

Robinhood progresses its expansion plan

WonderFi will continue its usual offers to Canadian customers, though under Robinhood’s expansion mission. Robinhood aims to boost its international portfolio, and recently stressed its crypto offerings through social media.

“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,” said Johann Kerbrat, SVP and GM of Robinhood Crypto. 

Robinhood often restates its dedication to offering easy, scalable tools for retail investors. The profile matches the services available through WonderFi. The acquisition follows recent its expansion into other markets, including Europe, where a new batch of meme tokens was added for trading.

Following the news of the acquisition, HOOD traded at $57.43, near the higher range for the past six months. The acquisition arrived after a successful Q1, where crypto activities were the main driver of profits for Robinhood.

WonderFi is already the product of a merger, after absorbing CoinSmart and Coinsquare in 2023. The united company practically consolidated the early and scattered Canadian crypto sector. 

Canada has an estimated 13.36M crypto users as of 2025, a smaller market compared to the USA. Over 33% of the population may be holding at least some cryptocurrency, even without active trading or usage.

WonderFi also survived the kidnapping of its CEO Dean Skurka, held for a ransom of $1M. The platform is one of the oldest crypto structures in Canada, developing in a market with early adoption and lively new deals and development. 

Acqusition involved 44% premium on WonderFi shares

Just before announcing the deal, WonderFi (WNDR) traded at $0.18 (0.26 CAD). Robinhood offered $0.26 per share (0.36 CAD), roughly a 44% premium. WonderFi shareholders will receive an all-cash payment for a total deal of $178.66M. WNDR shares generally declined in 2025 to date, losing 13.6% of their value, leading up to the acquisition.

WonderFi will retain all its products and leadership team, joining the team of 140 Robinhood employees for the Canadian market. 

WonderFi operates BitBuy and Coinsquare, the oldest crypto trading platforms in Canada. The company also has a payment app, Smart Pay Digital. WonderFi Labs is the company’s innovation arm, tracking the latest developments in Web3 and DeFi. The company’s products have targeted both new and experienced crypto users, benefiting from the growing interest in crypto after the 2024 bull market.

The acquisition is expected to close in the second half of 2025, subject to closing regulations, court approval, and a shareholder vote. The approval will require at least two-thirds of the votes cast by shareholders in person, or represented by a proxy during a special meeting.

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