Robinhood to acquire Canada’s WonderFi for $179M in global crypto push

Robinhood’s strategic expansion into the Canadian cryptocurrency market is highlighted by its acquisition of WonderFi, a prominent Canadian crypto firm, for approximately $179 million USD. This all-cash deal, expected to close in the second half of 2025, significantly boosts Robinhood’s global presence and provides access to established Canadian crypto trading platforms.

WonderFi operates Bitbuy and Coinsquare, two of Canada’s longest-running regulated crypto trading platforms, boasting over CA$2.1 billion in assets under custody. These platforms offer a comprehensive suite of services including crypto trading, staking, and custody, catering to both novice and experienced crypto users. The acquisition is seen as a strategic move by Robinhood to accelerate its expansion in the Canadian market, leveraging WonderFi’s established infrastructure and user base.

The acquisition price of CA$0.36 per share represents a premium of 41% over WonderFi’s last closing price on the Toronto Stock Exchange and a 71% premium over its 30-day volume-weighted average price. Prior to the deal, WonderFi’s market capitalization stood at CA$163.9 million, with its stock experiencing a 13.6% year-to-date decline. The transaction is subject to customary closing conditions, including regulatory approvals, court approvals, and shareholder approval.

This acquisition is part of a broader trend of mergers and acquisitions within the crypto industry in 2025, fueled by a more favorable regulatory environment in the US. Other notable deals include Coinbase’s acquisition of Deribit and Ripple’s acquisition of Hidden Road. Robinhood itself has been actively involved in acquisitions, previously acquiring Bitstamp in 2024 to expand its institutional client reach and is currently developing a blockchain network for European retail investors to trade US securities. WonderFi’s strong performance in 2024, with CA$3.57 billion in trading volume (a 28% year-over-year increase), further strengthens the rationale behind Robinhood’s investment. The deal positions Robinhood for substantial growth in the Canadian crypto market and underscores the ongoing consolidation within the broader cryptocurrency sector.