Robinhood Markets Inc. announced Tuesday that it has acquired Canadian cryptocurrency firm WonderFi Technologies Inc. in an all-cash deal worth C$250 million (US$179 million), marking a major step in its international expansion and efforts to strengthen its digital asset portfolio.
The deal values WonderFi shares at 36 Canadian cents each—a 41% premium to their last closing price.
The acquisition continues Robinhood’s strategy of evolving beyond its origins as a commission-free stock trading platform and building a more diverse financial ecosystem.
Robinhood agrees to acquire Canadian crypto trading giant WonderFi for $178 million, enhancing its position in the rapidly growing digital asset market
Strengthening Robinhood’s crypto infrastructure
WonderFi brings with it a suite of Canadian crypto platforms, including Bitbuy and Coinsquare, both well-established in the country’s digital asset trading space.
In fiscal 2024, WonderFi facilitated over C$3.57 billion in trading volume, a 28% year-over-year increase, aligning well with Robinhood’s growing base of crypto-savvy users.
Despite operational growth, WonderFi’s stock struggled in 2025—down 13.6% on the Toronto Stock Exchange before the announcement.
Its market cap stood at C$163.9 million, making Robinhood’s offer a notable premium and a clear sign of strategic confidence in the acquisition.
All WonderFi employees will transition to Robinhood, expanding the firm’s Canadian workforce to over 140.
The move is expected to bolster customer support and deepen Robinhood’s understanding of the Canadian regulatory and investor landscape.
Crypto M&A heats up in 2025
This acquisition adds to a wave of major cryptocurrency mergers and acquisitions in 2025.
Earlier this year, Coinbase acquired Deribit, a crypto options exchange, for $2.9 billion, while Ripple snapped up prime brokerage firm Hidden Road for $1.25 billion.
The flurry of deal-making signals renewed investor confidence and increased institutional activity in the digital asset sector.
This resurgence has been supported by favorable regulatory signals from President Donald Trump’s administration, which has encouraged innovation in the crypto space.
Bitcoin prices have surged in 2025, even amid broader global economic concerns, suggesting a shift in long-term investor sentiment toward digital finance.
Robinhood’s evolving strategy
Robinhood’s acquisition spree, including its $200 million purchase of crypto exchange Bitstamp in 2024, highlights its commitment to scaling its crypto operations.
By acquiring established platforms like Bitbuy and Coinsquare, the company gains both market access and a ready user base in Canada.
The strategy reflects Robinhood’s broader mission to serve as a gateway to decentralised and borderless financial services.
While volatility persists in financial markets—the S&P 500 is down 0.6% in 2025—Robinhood appears focused on the long-term digital transformation of finance.
The WonderFi acquisition marks another bold step in that direction.
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