Robinhood Acquires WonderFi for $179M to Expand Crypto Offerings

Robinhood, a prominent retail trading platform, has announced its acquisition of WonderFi, a leading Canadian crypto firm backed by Kevin O’Leary, the renowned investor from Shark Tank. The deal, valued at approximately C$250 million or $179 million, is expected to close by mid-2024. WonderFi will continue its operations and product offerings post-acquisition.

Dean Skurka, President and CEO of WonderFi, expressed enthusiasm about the acquisition, stating, "WonderFi and Robinhood are united in our visions of making crypto accessible and bringing more people into the crypto space. We’re delighted to be joining the Robinhood team and to super-charge our product offerings for customers."

Johann Kerbrat, SVP and GM of Robinhood Crypto, highlighted the strategic fit of the acquisition, saying, "WonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhood’s mission in Canada. We look forward to partnering with the WonderFi team to deliver innovative, user-centric crypto products to Canadian customers."

This acquisition comes at a time when Robinhood has recently resolved its regulatory issues with the U.S. Securities and Exchange Commission (SEC), which had been investigating the company for potential violations of federal securities laws. The SEC concluded its investigation without pursuing further enforcement actions, allowing Robinhood to focus on expanding its crypto offerings and market presence.