Brokerage fintech Robinhood has agreed to acquire Canadian crypto firm WonderFi in an all-cash deal valued at approximately 250 million Canadian dollars ($179 million). The acquisition aims to increase Robinhood's footprint in the Canadian market and is expected to close in the second half of 2025.
WonderFi operates two of Canada’s longest-established regulated crypto platforms, Bitbuy and Coinsquare, which collectively manage over 2.1 billion Canadian dollars in assets under custody. These platforms offer crypto trading, staking, and custody services to both beginner and advanced users. Robinhood views WonderFi’s strong brand portfolio as a perfect fit to accelerate its expansion mission in Canada.
The deal terms include Robinhood acquiring all outstanding WonderFi shares at CAD 0.36 per share, representing a 41% premium over WonderFi’s last closing price and a 71% premium over its 30-day volume-weighted average price on the Toronto Stock Exchange. Prior to the deal, WonderFi’s market capitalization was approximately 163.9 million Canadian dollars, with its stock down 13.6% year-to-date.
WonderFi recorded a strong performance in 2024, processing 3.57 billion Canadian dollars in trading volume, up 28% from the previous year, and generating CDN 57.7 million in top-line revenue with a slight net loss. Post-acquisition, WonderFi's Toronto-based employees will join Robinhood, and its products will continue operating under the new ownership.
This acquisition is part of a broader trend of mergers and acquisitions in the crypto industry in 2025, driven by more favorable U.S. regulations. Other notable deals in the sector this year include Coinbase’s $2.9 billion purchase of Deribit and Ripple’s $1.25 billion acquisition of Hidden Road. In 2024, Robinhood acquired the Bitstamp exchange in a $200 million deal, enhancing institutional offerings.
Robinhood is also developing a blockchain network to enable European retail investors to trade U.S. securities, signaling its global ambitions beyond this acquisition.