Robinhood Acquires WonderFi for $178.9M, Expands into Canadian Crypto Market

American financial services company Robinhood has announced its acquisition of WonderFi, a leading Canadian fintech and crypto platform, for $178.9 million (250 million CAD). The deal, announced on May 13, marks a significant step in Robinhood's international expansion into the Canadian cryptocurrency market. Robinhood will finance the purchase with cash, and the acquisition is expected to close in the second half of 2025, pending regulatory approvals, court approval, and WonderFi shareholder consent.

WonderFi currently manages over 2.1 billion CAD in custodied assets and operates two Canadian-regulated digital asset exchanges, Bitbuy and Coinsquare. In 2024, the platform recorded a trading volume of 3.57 billion CAD and revenue of 62.1 million CAD. Johann Kerbrat, SVP and GM of Robinhood Crypto, stated that WonderFi has built a formidable family of brands serving both beginner and advanced crypto users, making them an ideal partner to accelerate Robinhood’s mission in Canada.

With this acquisition, Robinhood aims to expand its offerings in Canada, leveraging WonderFi’s technologies and products, including crypto trading, staking, and custody services. Following the agreement, WonderFi will operate under Robinhood Crypto while continuing to deliver its existing products to Canadian customers. The WonderFi leadership team, including President and CEO Dean Skurka, will remain in place and join forces with Robinhood’s existing Canadian workforce of over 140 employees, based primarily in Toronto.

Skurka expressed that WonderFi and Robinhood are united in their visions of making crypto accessible and bringing more people into the crypto space. This latest move aligns with Robinhood’s broader strategy to expand its global footprint in the cryptocurrency sector. In 2024, the firm entered an agreement to acquire Bitstamp, a $200 million takeover expected to be completed by mid-2025. Additionally, Robinhood is planning the launch of a blockchain-based platform for US stock trading in Europe.

These deals are supported by a more favorable regulatory environment. In late February, the SEC dropped its investigation into Robinhood, with similar steps taken for other major crypto players. This trend reflects a broader movement in the industry, with major crypto players acquiring financial platforms. For instance, Coinbase announced its $2.9 billion purchase of Deribit, Ripple acquired Hidden Road for $1.25 billion, and Kraken bought NinjaTrader in a $1.5 billion deal.