California-based financial services company Robinhood Markets has agreed to buy Canadian crypto firm WonderFi for $178.98 million. “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, head of Robinhood Crypto, in the official announcement.
Robinhood is a popular commission-free brokerage platform. It has been looking to expand its international footprint for a while. Last year, it struck a deal to acquire cryptocurrency exchange Bitstamp.
This acquisition would help Robinhood reach more Canada-based customers. Toronto-listed WonderFi owns and operates Bitbuy and Coinsquare, two of Canada’s leading crypto platforms. The deal will bring Robinhood into Canada, increasing competition for exchanges such as Coinbase and Wealthsimple Crypto.
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Under the agreement, Robinhood will purchase WonderFi’s outstanding common shares in an all-cash transaction valued at approximately C$250 million (or $179.10 million).
Robinhood will acquire WonderFi’s shares at C$0.36 apiece, marking a premium of roughly 41% compared to its most recent closing price and approximately 71% above its 30-day volume-weighted average as of May 12.
WonderFi Executive Chairman Bobby Halpern said the transaction is the launchpad for Robinhood to democratize finance across Canada. This deal, which is awaiting approval from shareholders and regulators, is expected to be finalized in the second half of 2025.
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On completion, WonderFi’s staff will become part of Robinhood Crypto and will join more than 140 Robinhood employees based in Canada. Robinhood plans to finance the purchase with cash on hand. As of March 31, the company held $4.4 billion in cash and equivalents.
This acquisition comes shortly after another major acquisition in the crypto industry. Coinbase has recently agreed to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion, making it one of the largest crypto acquisitions till date.