Robinhood is officially entering the Canadian market. The U.S. trading platform announced on Tuesday that it will acquire regulated Toronto-based crypto company WonderFi in a deal worth about $250 million CAD.
WonderFi shareholders will be paid $0.36 per share in cash, a 41% premium over the company’s last closing price. The company has over $2.1 billion CAD in crypto assets under custody.
As for WonderFi, it operates one of Canada’s largest registered crypto trading platforms, which will now become part of Robinhood Crypto. The deal gives Robinhood an immediate foothold in Canada’s growing crypto market, adding brands like Bitbuy and Coinsquare to its portfolio. In 2023, WonderFi merged with Coinsquare and CoinSmart.
“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 Johann Kerbrat, SVP and GM of Robinhood Crypto. “We look forward to partnering with the WonderFi team to deliver innovative, user-centric crypto products to Canadian customers.”
Robinhood, which began expanding its crypto business to Europe in 2024, opened a Toronto office last year. The company plans to keep WonderFi’s current leadership and staff as part of its Canadian operations. WonderFi employees will join more than 140 Robinhood employees already working in Canada. What made Robinhood popular in the U.S. was its easy access to stock trading through its mobile app, available to everyone.
“WonderFi and Robinhood are united in our visions of making crypto accessible and bringing more people into the crypto space,” said WonderFi President and CEO Dean Skurka. “We’re delighted to be joining the Robinhood team and to super-charge our product offerings for customers.”
The deal still needs to be approved by shareholders, regulators, and the Supreme Court of British Columbia. If everything goes ahead, the acquisition is expected to close in the second half of 2025.
This marks Robinhood’s most direct push into Canada after years of focusing on U.S. stock and crypto trading, likely giving some competition to other app-based trading platforms such as Wealthsimple.
Robinhood Enters Canadian Crypto Market With WonderFi Acquisition – iPhone in Canada
