Robinhood announced Tuesday it is acquiring Canada’s crypto leader WonderFi in an all-cash deal valued at approximately CA$250 million (around US$178.56 million). The strategic acquisition expands Robinhood’s footprint into Canada’s flourishing digital assets market.
WonderFi currently operates two regulated cryptocurrency platforms—Bitbuy and Coinsquare—with over CA$2.1 billion in assets under custody. Robinhood’s offer to WonderFi shareholders, set at CA$0.36 per share, marks a 41% premium over the company’s recent closing market price. WonderFi became publicly traded in Canada in 2021 following a reverse takeover.
This deal continues Robinhood’s recent international growth momentum, highlighted by its $200 million acquisition of European crypto exchange Bitstamp last year. WonderFi’s current leadership, including CEO Dean Skurka, will join Robinhood Crypto, strengthening Robinhood’s Toronto-based workforce, which already comprises around 140 employees.
Robinhood anticipates finalizing the transaction in the second half of this year.
Last December, Robinhood CEO Vlad Tenev expressed optimism about operating under a U.S. administration more favorable toward cryptocurrency, emphasizing crypto’s potential to positively transform financial infrastructure.
