Robinhood to Expand to Canada With Acquisition of WonderFi

Financial services firm Robinhood has entered into an agreement to acquire the Canadian cryptocurrency firm WonderFi Technologies. The deal is valued at approximately $179 million and will be paid entirely in cash.

This strategic deal will help Robinhood expand its global footprint, thus offering more crypto services to users across Canada. To make the deal attractive to WonderFi’s shareholders, Robinhood is offering a substantial premium over the most recent stock price. It is also offering more than the average price over the past month.

Robinhood to Integrate WonderFi’s Entire Team

WonderFi has earned a reputation for bringing trusted and innovative products to users. It does this through its regulated crypto platforms, Bitbuy and Coinsquare. The firm boasts over 1.6 million registered users. It also recorded more than C$3.57 billion in trading volumes in fiscal year 2024.

Robinhood plans to integrate WonderFi’s entire team into its existing Canadian operations, which already employ over 140 people. This move aligns with Robinhood’s broader strategy to evolve from a stock-trading app to a comprehensive financial services platform.

“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. We look forward to partnering with the WonderFi team to deliver innovative, user-centric crypto products to Canadian customers,” said Johann Kerbrat, SVP and GM of Robinhood Crypto.

The latest acquisition offers a 41% premium over WonderFi’s last closing price. This price is based on the Common Shares traded on the Toronto Stock Exchange. This deal is expected to be completed in the second half of 2025, subject to regulatory, legal, and shareholder approvals.

After the acquisition closes, WonderFi will keep running its products. Also, the WonderFi leadership team will join Robinhood Crypto, bringing their experience in offering digital asset services to Canadian customers.

This deal comes amid a resurgence in acquisitions and mergers in the crypto industry. This includes Ripple’s acquisition of Hidden Road for $1.25 billion and Coinbase’s $2.9 billion purchase of Deribit. Overall, Robinhood’s latest move into Canada positions it to compete in a market where interest in cryptocurrencies continues to rise.

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