Robinhood is set to enter Canada’s crypto market by acquiring WonderFi for $250 million, expanding its global crypto presence.
Robinhood Markets Inc (NASDAQ: HOOD) has confirmed plans to acquire WonderFi Technologies Inc, a Canadian crypto company. WonderFi operates two of the country’s established and regulated crypto platforms. This acquisition marks Robinhood’s entry into the Canadian crypto market. It is also part of the company’s broader effort to expand its presence in the global digital finance sector.
Robinhood All-Cash Deal Comes with 41% Premium
According to its official announcement, Robinhood will acquire all issued and outstanding common shares of WonderFi for $0.36 per share. According to the update, the deal is an all-cash transaction, valuing WonderFi at around $250 million.
It is important to state that this offer represents a 41% premium over WonderFi’s closing share price on May 12, 2025. Additionally, it includes a 71% premium compared to its 30-day volume-weighted average price (VWAP).
The update also noted that WonderFi operates two regulated Canadian platforms: Bitbuy and Coinsquare. Combined, they hold over $2.1 billion in assets under custody. These platforms provide services such as crypto trading, staking, and custody.
Robinhood believes that WonderFi’s existing structure and experience in Canada offer a solid base to build on. The acquisition is expected to expand Robinhood’s ability to deliver trusted, user-focused crypto products in a new market.
Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto, said the acquisition supports Robinhood’s long-term goal of building a global financial system. He noted that WonderFi’s strong presence in Canada and experience working with beginner and advanced users make them a good fit. He also emphasized the opportunity to bring Robinhood’s accessible platform to millions more people.
Dean Skurka, President and Chief Executive Officer of WonderFi, said both companies aim to make crypto easier for more people to access. He explained that becoming part of Robinhood would allow WonderFi to improve its products and connect with more users.
Wonderfi to Continue Operating After Deal Closes
Robinhood confirmed that WonderFi’s platforms will continue to operate after the deal closes. The WonderFi leadership team will also remain and join Robinhood Crypto. This setup is expected to ensure business continuity and help develop new services tailored to Canadian users.
The transaction is expected to close in the second half of 2025. However, it is still subject to regulatory reviews, court approval, and a shareholder vote.
Robinhood is financing the deal with cash on hand. JPMorgan advised Robinhood, while WonderFi received support from FT Partner and Origin Merchant Partners.
Notably, mergers and acquisitions (M&A) activities are growing in the broader digital currency ecosystem. Notably, Kraken set the pace when it announced its $1.5 billion acquisition of NinjaTrader. While Kraken had bids for Deribit earlier, the firm lost to top rival Coinbase, whose acquisition of the options platform was announced last week.
In addition, Ripple Labs stunned the market when it announced a $1.25 billion acquisition of Hidden Road. This acquisition, regarded as one of the biggest in the crypto industry, came shortly after it wrapped up its legal battle with the US Securities and Exchange Commission (SEC).
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