Robinhood to Acquire WonderFi for $179M, Expanding Crypto Presence

Robinhood, a prominent brokerage fintech company, has announced its plans to acquire WonderFi, a leading Canadian crypto firm, for approximately 250 million Canadian dollars ($179 million) in an all-cash deal. This strategic move is aimed at expanding Robinhood's global presence, particularly in the crypto market. The acquisition is expected to be finalized in the second half of 2025, as stated in a press release issued by Robinhood on May 13.

WonderFi operates two of Canada’s most established regulated crypto trading platforms, Bitbuy and Coinsquare, which collectively manage over 2.1 billion Canadian dollars in assets under custody. These platforms offer a range of services including crypto trading, staking, and custody, catering to both beginner and advanced crypto users. Johann Kerbrat, senior vice president and general manager of Robinhood Crypto, highlighted the synergy between the two companies, stating that WonderFi's strong brand portfolio aligns perfectly with Robinhood's mission to accelerate its presence in Canada.

The terms of the deal stipulate that Robinhood will acquire all outstanding shares of WonderFi at 0.36 Canadian dollars per share, representing a 41% premium 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 announcement, WonderFi’s market capitalization stood at 163.9 million Canadian dollars, with its stock experiencing a 13.6% year-to-date decline on the Toronto Stock Exchange.

The acquisition is subject to customary closing conditions, including regulatory and court approvals, as well as the approval of WonderFi’s shareholders. This deal is part of a broader trend of mergers and acquisitions in the crypto industry, driven by more favorable regulatory environments in the United States under President Donald Trump. Other significant deals in 2025 include Coinbase’s $2.9 billion purchase of Deribit and Ripple’s $1.25 billion acquisition of Hidden Road. Additionally, Kraken completed its acquisition of the futures trading platform NinjaTrader on May 2, expanding its customer base and enabling it to offer crypto futures and derivatives in the US.

Robinhood has been actively expanding its crypto capabilities through acquisitions. In 2024, the company acquired Bitstamp cryptocurrency exchange for $200 million, allowing it to serve institutional clients in the United States. Furthermore, Robinhood is reportedly developing a blockchain network to enable European retail investors to trade US securities, demonstrating its commitment to global expansion in the crypto space. WonderFi's strong performance in 2024, with a 28% increase in trading volume to 3.57 billion Canadian dollars, further underscores the strategic value of this acquisition for Robinhood.