Robinhood to acquire Canadian crypto exchange WonderFi for $179M

Online stockbroker and trading giant Robinhood Markets Inc. announced today it has agreed to acquire WonderFi Technologies Inc., a Canadian digital asset and cryptocurrency trading firm for CA$250M, or $179 million, in an all-cash deal.

Founded in 2021, WonderFi operates two of Canada’s largest regulated crypto trading platforms, BitBuy and Coinsquare. Together, they handle over CA$2.1 billion in assets under custody.

The deal values WonderFi’s shares at around CA$0.36 each, a 41% premium to their closing on May 12 on the Toronto Stock Exchange, and a premium of 71% compared to the 30-day volume-weighted average trading price.

Johann Kerbrat, senior vice president and general manager of Robinhood Crypto, said the company looks forward to working with WonderFi and serving Canadian customers by delivering crypto-centric products. “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 Kerbrat.

This move represents Robinhood’s continued efforts to expand its cryptocurrency services globally with its Robinhood Crypto trading capabilities, which allow users to buy and sell crypto assets like they can stocks.

Robinhood added crypto trading for United States customers to its platform during a slow rollout in 2018, beginning with a small number of cryptocurrencies and expanding to more than 30 crypto assets, including bitcoin and Ethereum. In 2024, the company agreed to acquire Bitstamp Ltd. for $200 million. Bitstamp is a notable crypto exchange with global reach; the company holds more than 50 licenses and registrations globally, facilitating expansion into new markets like the United Kingdom, the European Union and Asia.

According to the company, WonderFi will continue to operate its product after the acquisition closes and its leadership team will stay on as part of Robinhood Crypto. Robinhood has an established Canadian headquarters in Toronto in 2024 that will serve as a hub for the new partnership.

The acquisition is expected to close in the second half of 2025, subject to regulatory approval, closing conditions and approval by WonderFi’s shareholders.

Image: Pixabay

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