Robinhood is expanding its global crypto footprint by acquiring Canadian crypto firm WonderFi Technologies in a $250 million deal. This move marks the trading platform’s official entry into Canada’s regulated crypto market.
Robinhood Bets Big on WonderFi
In an all-cash transaction, Robinhood will purchase all of WonderFi’s outstanding common shares at $0.36 per share. This offer represents a 41% premium over WonderFi’s closing price on May 12 and a 71% premium over its 30-day volume-weighted average.
WonderFi owns Bitbuy and Coinsquare, two licensed platforms in Canada that together manage over $2.1 billion in assets. These platforms offer services like crypto trading, staking, and custody, giving Robinhood an established launchpad in the region.
A Strategic Step Toward Global Expansion
According to Johann Kerbrat, Robinhood’s Senior VP and General Manager of Crypto, the deal aligns with Robinhood’s vision of building a global financial ecosystem. He praised WonderFi’s experience serving both beginner and advanced users and noted that the acquisition will help bring Robinhood’s user-friendly products to a new international audience.
Dean Skurka, CEO of WonderFi, echoed the sentiment, stating that the merger will help the company scale faster and enhance its offerings for Canadian users.
WonderFi to Operate Under Robinhood Banner
Even after the acquisition, WonderFi’s platforms will continue to operate independently. The leadership team will stay on and integrate with Robinhood Crypto. This approach aims to maintain smooth business operations and local user trust during the transition.
The deal is expected to close in the second half of 2025, subject to shareholder approval, regulatory review, and court confirmation. Robinhood is using cash on hand to fund the acquisition.
Crypto M&A Activity Heats Up
Robinhood’s move is part of a larger trend in the crypto space. Recently, Kraken acquired NinjaTrader for $1.5 billion, while Coinbase outbid Kraken to purchase Deribit, a popular options platform.
Adding to the momentum, Ripple Labs acquired Hidden Road in a $1.25 billion deal just after resolving its legal issues with the SEC. These high-profile acquisitions signal rising M&A activity as major players position themselves for long-term growth in the evolving crypto market.
