Robinhood has agreed to acquire Wonderfi for USD 179 million and marked its entry into Canada. The acquisition agreement focuses on Wonderfi at a premium of $0.36 per share, at 41%. The transaction includes the acquisition of BitBuy and Coinsquare platforms.
Robinhood Markets has agreed to acquire Vancouver-based Wonderfi Technologies in an all-cash transaction worth USD 179 million and has announced it will mark an official entry into the Canadian cryptocurrency market for retail brokerage.
Under the terms of the agreement, Wonderfi shareholders receive $0.36 per share, representing a 41% premium over the company’s closing price before the announcement in a transaction that values Canadian companies at approximately $250 million.
Investors responded aggressively to the news, trading around $61 on Wednesday, up 6.4% on Robinhood’s shares, but Toronto Stock Exchange’s Wonderfee stock rose 34% to 0.24 times, highlighting the market’s enthusiasm for cross-border crypto integration.
Veteran investor Kevin O’Leary, a well-known backer of Wonderfi and Shark Tank Personality, praised the acquisition as evidence of Wonderfi’s “Picks and Shovels” approach, focusing on durable infrastructure, rather than speculative token bets.
In a recent interview, O’Leary said that the surge in stubcoins and real-time settlement capabilities will play a more critical role in the adoption of mainstream cryptocurrency than volatility-driven price rallies.
Robinhood enters the Canadian market
Robinhood’s expansion to Canada via Wonderfi complements the company’s mission to democratize funds for all, leveraging a market where retail crypto adoption continues to accelerate with growing mainstream interest.
The acquisition brings two of Canada’s most well-known crypto trading platforms, Bitview and Coinsquare, under two of the Robinhood umbrellas.
By integrating Wonderfi’s infrastructure and expertise, Robinhood immediately accessed markets with more than $3.57 billion in trading volumes on Wonderfi’s platform in 2024, reflecting an increase in activity of 28% year-on-year.
Today, more than 140 experts specializing in customer support and regulatory compliance, all of Wonderfi’s existing employees will be migrating to Robinhood to enhance the ability of US companies to navigate Canada’s different financial surveillance environment.
In particular, the acquisition follows the announcement of Robinhood earlier this year, and further highlights the company’s global ambitions by signing the purchase of Luxembourg-based Crypto Exchange in the first half of 2025.
Robinhood has evolved beyond fee-free stocks
The move highlights Robinhood’s broader strategy to evolve beyond its origins as a commission-free stock trading app by fostering a more diverse, borderless financial services ecosystem centered around digital assets.
Robinhood CEO Vlad Tenev highlights the Wonderfi acquisition represents a “significant first step” in establishing the company’s Canadian presence, noting that the regional regulatory framework and investor adoption rate positions it as a natural complement to Robinhood’s existing market.
Mizuho analysts predicted that the success of the Canadian launch could ultimately contribute to annual revenues of up to $250 million, assuming that Robinhood could leverage Wonderfi’s local brand awareness and operational footprint.
Released days before the Wonderfi transaction, Robinhood’s first quarter 2025 revenue report unveiled a 50% surge in revenue to $927 million.
The company’s net profit for the quarter reflects a 114% increase from the previous year, placing Robinhood among the most profitable US fintech platforms in the industry tackling regulatory uncertainty.
Running smoothly, this acquisition serves as a blueprint for Robinhood’s future foray into other regulated markets, leveraging playbooks that acquire crypto services that are established and locally compliant, rather than from scratch.
