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Robinhood is expanding its crypto ambitions beyond the U.S., announcing a deal to acquire Canadian digital asset firm WonderFi for CA$250 million (around $179 million USD) in cash.
The deal allows Robinhood’s to secure a foothold in Canada’s tightly regulated crypto market and accelerate its international growth strategy.
The acquisition is expected to close in H2 2025, pending regulatory and shareholder approval.
WonderFi operates Bitbuy and Coinsquare, two of Canada’s oldest regulated crypto platforms, with over CA$2.1 billion in assets under custody. The platforms provide a full suite of services including crypto trading, staking, and custody, appealing to both retail beginners and advanced digital asset users.
“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,” said Johann Kerbrat, SVP and GM of Robinhood Crypto.
Robinhood is offering CA$0.36 per share, which represents a 41% premium to WonderFi’s last closing price on the Toronto Stock Exchange and a 71% premium over its 30-day volume-weighted average. The offer implies a generous markup on WonderFi’s CA$163.9 million market cap before the deal announcement. WonderFi shares had been down 13.6% year-to-date before news of the acquisition.
The deal remains subject to court, regulatory, and shareholder approvals, as is standard in cross-border fintech acquisitions.
Robinhood’s latest move is part of a broader crypto M&A surge in 2025, spurred in part by a more industry-friendly regulatory environment under President Donald Trump. This year alone, Coinbase acquired derivatives platform Deribit for $2.9 billion. Additionally, Ripple bought Hidden Road for $1.25 billion and Kraken closed its acquisition of NinjaTrader to expand U.S. crypto futures access.
Robinhood, too, has been on a buying streak. In 2024, the brokerage acquired Bitstamp in a $200 million deal. Earlier this month, the popular trading app said it is also building a blockchain network aimed at enabling European retail investors to trade U.S. stocks directly.
WonderFi had a solid 2024, processing CA$3.57 billion in trading volume, a 28% increase from 2023. By integrating Bitbuy and Coinsquare into its ecosystem, Robinhood gains instant access to a regulated infrastructure, a growing user base, and a diversified revenue stream in a key market.
