Robinhood has cleared the final regulatory hurdle to complete its acquisition of Canadian crypto firm WonderFi, with both companies now targeting a closing date of June 1. The Canadian Investment Regulatory Organization (CIRO) gave its approval to WonderFi subsidiary Coinsquare Capital Markets on May 20, satisfying the last condition of the deal originally announced in May 2025.
The transaction, valued at C$250 million (approximately $180 million), will bring WonderFi's regulated digital asset businesses—including Bitbuy, Coinsquare, and Bitcoin.ca—under Robinhood's international crypto operations. WonderFi shareholders had already voted in favor of the arrangement in July 2025, and the Supreme Court of British Columbia issued its final court order four days later.
The approval comes at a pivotal time for Robinhood's crypto division. The company reported a 47% decline in quarterly crypto revenue for Q1 2026, falling to $134 million from $252 million a year earlier, amid weaker retail trading activity and Bitcoin prices staying below $80,000. Additionally, the departure of Robinhood Crypto COO Tanya Denisova was reported just weeks ago, with no replacement announced. Despite these headwinds, Robinhood's total net revenue rose 15% year-over-year to $1.07 billion.
Analysts previously estimated that the WonderFi acquisition could add up to 10% to Robinhood's revenue, giving the company a regulated foothold in one of the world's fastest-growing digital asset markets. With the final regulatory approval now in hand, Robinhood is poised to deploy its proprietary trading technology in Canada and integrate WonderFi's platforms, marking a significant step in its international crypto expansion strategy.
