American financial services giant Robinhood announced on May 13, 2025, its plan to acquire WonderFi, a prominent Canadian fintech and cryptocurrency platform, for approximately $178.9 million USD (250 million CAD). The deal involves purchasing WonderFi shares at $0.26 USD (0.36 CAD) each, marking Robinhood’s strategic entry into the Canadian crypto market.
Robinhood will finance the acquisition entirely in cash, with the transaction expected to close in the second half of 2025. The completion is subject to regulatory approvals, court authorization, and approval from WonderFi shareholders.
WonderFi currently oversees over 2.1 billion CAD in custodied assets and operates two regulated Canadian digital asset exchanges: Bitbuy and Coinsquare. In 2024, WonderFi reported a trading volume of 3.57 billion CAD and revenues of 62.1 million CAD, demonstrating its strong market presence.
Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto, praised WonderFi’s robust portfolio, stating,
“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.”
This acquisition allows Robinhood to leverage WonderFi’s technologies, including crypto trading, staking, and custody services, to expand its offerings in Canada’s growing crypto ecosystem. Post-acquisition, WonderFi will operate under Robinhood Crypto with its current leadership, led by CEO Dean Skurka, who highlighted their shared goal of increasing crypto accessibility.
Robinhood’s Canadian workforce, currently over 140 employees primarily based in Toronto, will integrate with WonderFi’s team to strengthen the company’s local operations.
The announcement positively affected Robinhood’s stock (NASDAQ: HOOD), which rose 8.9% to $62.5 at market close and gained an additional 0.3% in after-hours trading.
This move aligns with Robinhood’s global crypto expansion strategy. In 2024, Robinhood agreed to acquire Bitstamp for $200 million, aiming to complete the deal by mid-2025.
Robinhood’s acquisition is part of a larger trend of major crypto companies acquiring financial platforms to broaden their services. For instance, Coinbase acquired Deribit for $2.9 billion on May 8, Ripple purchased Hidden Road for $1.25 billion, and Kraken acquired NinjaTrader for $1.5 billion.
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