Robinhood to acquire Canada’s leading retail crypto platform in $178M deal

Robinhood will acquire WonderFi for $178 million in cash, marking its formal entry into Canada’s regulated crypto market.

Robinhood adds C$2.1B in custodied assets through WonderFi acquisition

Robinhood Markets, Inc. has entered into a definitive agreement to acquire Canadian digital asset firm WonderFi Technologies Inc. for approximately $250 million Canadian Dollar (USD178 million) in cash.

The deal brings over $2.1 billion in assets under custody into Robinhood’s ecosystem and gives the US firm a regulated entry into Canada's crypto market.

Under the merger terms, WonderFi shareholders will receive C$0.36 per share, representing a 41% premium to its May 12 closing price and a 71% premium over its 30-day volume-weighted average price. 

WonderFi currently operates two of Canada’s largest regulated crypto platforms, Bitbuy and Coinsquare, through which it serves both retail and institutional clients.

“WonderFi has built a formidable family of brands serving beginner and advanced users alike. They’re an ideal partner to accelerate our expansion in Canada,” said Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto.

Robinhood’s global expansion continues after $200M Bitstamp acquisition

Robinhood’s imminent acquisition of WonderFi comes less than a year after Robinhood’s $200 million purchase of Bitstamp, announced in June 2024.

The rapid execution of deals indicates a deliberate push by Robinhood to scale its crypto product offerings outside of the US, in anticipation of increased global adoption in the coming years. 

Robinhood also opened its Canadian headquarters in Toronto in 2024, primarily as an engineering and infrastructure hub.

The firm already employs more than 140 people in Canada. WonderFi’s technology stack provides regulated access to the country's crypto trading, staking and custody markets.

For WonderFi shareholders, the all-cash offer provides a clean exit at a significant premium, following a period of flat performance and strategic consolidation in the Canadian crypto sector. 

What’s next?

The merger between Robinhood and WonderFi remains subject to customary approvals from Canadian regulators. The deal is expected to close in the second half of 2025, and WonderFi’s existing operations will be folded into Robinhood Crypto. 

However, after the acquisition, WonderFi’s current management team, including President and CEO Dean Skurka, is expected to remain onboard post-acquisition.