Robinhood Markets has agreed to acquire WonderFi Technologies in an all-cash transaction valued at $178.98 million (C$250 million). The purchase deal represents a 41% premium to WonderFi’s closing price on the Toronto Stock Exchange on May 12, 2025.
Robinhood to Enter Canadian Market
Robinhood’s plan to acquire WonderFi aims to diversify beyond its U.S. retail brokerage and deepen its presence in international crypto markets. The firm’s Senior Vice President, Johann Kerbrat, emphasized that WonderFi’s “formidable family of brands” will accelerate Robinhood’s mission to make crypto more accessible to millions of Canadians.
The deal gives Robinhood access to two of Canada’s largest regulated crypto exchanges (Bitbuy and Coinsquare). The platforms combined hold about $1.5 billion in assets under custody and processed $2.54 billion in trading volumes in fiscal year 2024. Acquiring the platforms allows Robinhood to bypass the licensing processes required to operate in Canada.
Under the agreement, WonderFi shareholders will receive $0.26 (C$0.36) in cash for each common share, translating to a total equity value of over $178 million on a fully diluted basis. After the deal is finalized, WonderFi will join Robinhood Crypto with its leadership team and employees. However, the transaction remains subject to a series of closing conditions.
Robinhood must obtain consent from the Ontario Securities Commission and other provincial regulators. The deal will also need shareholder and court approval, as well as antitrust clearance from Canadian competition authorities. Once these conditions are met and formalities are completed, the deal is slated to close before the end of June 2025.
Acquisitions — Not New
The latest acquisition comes amid a trend of dealmaking in the crypto industry. NFT marketplace Magic Eden agreed to acquire Slingshot, a trading app with nearly one million users. It marked the protocol’s first significant step beyond NFTs and into other crypto services.
Less than a week earlier, Ripple announced it would purchase prime brokerage firm Hidden Road for $1.25 billion. The move would make it the first crypto company to own and operate a global, multi-asset prime broker. It aims to integrate institutional-grade clearing, financing, and post-trade settlement into the XRP Ledger.
Meanwhile, despite its regulatory hurdles, Robinhood is actively pursuing international growth. The firm is deepening its domestic footprint by rolling out new services to capture a larger share of U.S. investors.
