Robinhood is making its biggest global move yet with the acquisition of WonderFi, a leading Canadian crypto company, for approximately CAD 250 million (USD 179 million) in an all‑cash transaction. The Robinhood WonderFi acquisition deal, announced on May 13, is on track to close in the latter half of 2025, pending customary approvals.
WonderFi operates Coinsquare and Bitbuy, leading regulated crypto platforms with a longstanding presence in the Canadian market, with over CAD $2.1 billion in assets under custody. Together, they offer trading, staking, and custodial services to retail and institutional users, making them central players in the Canadian digital asset market.
Upon completion of the acquisition, WonderFi’s team will join Robinhood Crypto, further strengthening the company’s presence in Canada.
Key Takeaways
- Robinhood is acquiring WonderFi for approximately CAD 250 million in an all-cash deal. With this acquisition, Robinhood is expanding its international crypto footprint, notably in Canada.
- The deal values WonderFi at C$0.36 per share. The valuation is a ~41 % premium over its closing price and ~71 % over its 30‑day VWAP at the time.
- WonderFi, under its wings, runs Coinsquare and Bitbuy, which are top-regulated platforms. The company manages over C$2.1 billion in custody assets and has over 1.6 million registered users in Canada.
- The acquisition is expected to close in H2 2025, contingent on approvals. WonderFi’s products will continue under Robinhood Crypto, with its leadership and employees joining Robinhood’s Toronto hub of over 140 staff.
Robinhood WonderFi Acquisition – Accelerates Canadian Crypto Expansion with $179M
On May 13, 2025, Robinhood Markets Inc. agreed to buy WonderFi Technologies Inc. in a C$250 million all-cash deal. The purchase price equates to about US$179 million and marks Robinhood’s first major entry into Canada’s regulated crypto market. Robinhood will pay C$0.36 for each WonderFi share, a 41% premium to the closing price on the Toronto Stock Exchange and roughly 71% above the 30-day volume-weighted average price as of May 12.
Robinhood plans to use its ample cash reserves to fund the transaction. At quarter-end on March 31, 2025, it held US$4.4 billion in cash and equivalents. The deal will consume about 14% of that balance, leaving room for further investments. In the same quarter, Robinhood generated $252 million in cryptocurrency transaction revenue, though this was down 30% from the prior quarter as market swings weighed on trading volumes.
The acquisition fast-tracks Robinhood’s push into Canada by tapping a firm already licensed under the local regulatory framework. WonderFi is a member of the Canadian Investment Regulatory Organization (CIRO) and is covered by the Canadian Investor Protection Fund (CIPF), allowing Robinhood to bypass a lengthy approval process and begin offering custody, trading, and staking services under existing licences.
WonderFi runs two of Canada’s longest-operating regulated crypto platforms, Coinsquare and Bitbuy. It managed over C$3.57 billion in trading volume in fiscal 2024, up 28% year-over-year, and held over C$2.1 billion in client assets under custody as of the deal announcement. These platforms serve both retail and institutional clients, offering services from over-the-counter trading to merchant crypto payments via SmartPay, and educational content through bitcoin.ca.
After closing, Robinhood will fold WonderFi’s technology and compliance infrastructure into its Robinhood Crypto division. By leveraging WonderFi’s back-end systems and protocols, it expects to accelerate the rollout of features such as staking, custodial wallets, and decentralized finance offerings. WonderFi will continue operating its products under its existing brands, while its leadership team remains in place to guide local operations.
The deal requires customary closing steps. WonderFi shareholders must approve the transaction by a two-thirds vote in a special meeting planned for July 2025. It also needs court approval under the British Columbia Business Corporations Act, clearance under Canada’s Competition Act, and sign-offs from Canadian securities regulators. Once those conditions are met, the deal is slated to be finalized in the latter part of the year.
All WonderFi employees will join Robinhood Crypto, boosting its Canadian headcount above 140. Robinhood opened its Toronto headquarters in 2024 as an engineering hub and will integrate WonderFi’s staff into this base. The leadership team at WonderFi, including Executive Chairman Bobby Halpern, will stay on to support a smooth transition.
Investors reacted positively to the news. Shares of Robinhood rose 6.3% on the announcement day, extending a year-to-date gain of nearly 69% for the stock. WonderFi’s stock jumped 35% on the same day. Analysts note that adding Canadian crypto users to Robinhood’s 24 million funded accounts could drive fresh revenue and offset the near-term cash outlay.
This deal comes amid a wave of crypto-sector consolidation in 2025. Earlier this year, Coinbase paid $2.9 billion for Deribit, Ripple shelled out $1.25 billion for Hidden Road, and Kraken acquired futures platform NinjaTrader. These moves reflect a trend toward scale, compliance, and service diversification as digital-asset firms seek stability and institutional trust.
Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto, stated that WonderFi has made a strong portfolio of brands catering to both novice and experienced crypto users, making it the right partner to help advance Robinhood’s aim in Canada.
Bobby Halpern added that this agreement will serve as a springboard for Robinhood to democratize finance across the country by leveraging its brand strength in tandem with WonderFi’s deep local expertise.
About Robinhood
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Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California. Founded on April 18, 2013, by Vladimir Tenev and Baiju Bhatt, its mission is to “provide everyone with access to the financial markets, not just the wealthy,” a nod to its Robin Hood namesake and focus on democratizing investing.
Through its mobile and web-based platforms, Robinhood enables commission-free trading of exchange-traded funds (ETFs), stocks, index options, options, outcomes on prediction markets, futures contracts, and cryptocurrencies; it also offers cryptocurrency wallets, wealth and cash management products, FDIC-insured banking services via partner banks, and operates a financial news site, Sherwood.News.
Robinhood Markets went public on July 29, 2021, on the Nasdaq under the ticker HOOD, raising approximately $2.1 billion in its initial public offering. In fiscal year 2024, the company reported US$2.95 billion in revenue, US$1.05 billion in operating income, and a net profit of US$1.41 billion. As of Q1 2025, the company served 25.8 million funded customers with $221 billion in assets under custody and was supported by a workforce of about 2,300 employees.
The firm has expanded internationally – launching in the U.K. in March 2024 and securing a Lithuanian brokerage license in April 2025 to operate in the EU – introduced wealth management services in March 2025, and rolled out a cash-back credit card in 2024, underscoring its evolution into a diversified financial platform while navigating scrutiny over its payment-for-order-flow revenue model.
About WonderFi
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WonderFi Technologies Inc. is a publicly traded Canadian technology company headquartered in Toronto, Ontario (TSX: WNDR; OTCQB: WONDF). Originally incorporated on November 1, 1990, as Austra Resources Corporation, it later became Austpro Energy Corporation before executing a reverse takeover of DeFi Ventures Inc. in January 2021 and rebranding as WonderFi Technologies Inc. in August 2021.
WonderFi now owns, operates, incubates, and backs ventures and infrastructure across international crypto markets, with flagship retail and institutional crypto trading platforms Coinsquare and Bitbuy, the SmartPay payment solutions business, Tetra Trust custodial services, and its WonderFi Labs incubation arm, while also developing new products such as the WonderFi Layer-2 blockchain and WonderFi Wallet.
WonderFi’s growth trajectory has been marked by accelerating financial performance and user adoption. In fiscal year 2024, Coinsquare, Bitbuy, and SmartPay generated combined revenue and interest income of C$62.1 million – a 108 % year-over-year increase – and delivered an adjusted EBITDA of C$12 million (versus a negative C$4.8 million in 2023), while its cash and digital assets balance swelled to C$48.7 million as of December 31, 2024.
By January 31, 2025, client assets under custody had climbed to approximately C$2.4 billion, with combined trading volumes of C$543 million and estimated monthly revenue of C$7.75–8.25 million, reflecting robust engagement across its platforms. In May 2025, Robinhood Markets announced an all-cash agreement to acquire WonderFi for C$250 million, underscoring WonderFi’s position as Canada’s leading crypto platform that is regulated and paving the way for its integration into a broader global financial ecosystem
Conclusion
Robinhood’s acquisition of WonderFi represents a strategic expansion into Canada’s regulated crypto market and reinforces its broader global ambitions. By acquiring two of Canada’s longest-standing digital asset platforms – Coinsquare and Bitbuy – Robinhood gains direct access to a well-established infrastructure, regulatory licenses, and a sizable user base.
The deal not only accelerates Robinhood’s international growth but also strengthens its ability to offer crypto services at scale, using WonderFi’s technology and operational experience. As regulatory clarity and user demand continue to shape the digital asset space, this acquisition positions Robinhood to compete more effectively across both North American and global markets.
