Robinhood Markets Inc. (NASDAQ: HOOD) has announced a significant expansion into the Canadian cryptocurrency market by acquiring WonderFi Technologies Inc. for approximately C$250 million (US$179 million) in an all-cash deal. This strategic move underscores Robinhood’s commitment to broadening its international footprint and enhancing its cryptocurrency offerings.
Companies Involved
Robinhood Markets Inc.
Founded in 2013, Robinhood is a U.S.-based financial services company known for pioneering commission-free stock and cryptocurrency trading through its user-friendly mobile app. The company has been diversifying its services, recently enhancing its options trading platform and launching a desktop trading platform, Robinhood Legend, to cater to more sophisticated investors. As of May 13, 2025, Robinhood’s stock price stood at $62.57, with a market capitalization of approximately $36.85 billion.
WonderFi Technologies Inc.
WonderFi is a Canadian digital asset company that operates two of Canada’s prominent regulated cryptocurrency exchanges: Bitbuy and Coinsquare. In fiscal year 2024, WonderFi reported over C$3.57 billion in trading volumes, marking a 28% increase from the previous year. Despite a 13.6% decline in its stock value in 2025, the company maintained a market capitalization of C$163.9 million.
Transaction Details
The acquisition involves Robinhood purchasing all outstanding common shares of WonderFi at 36 Canadian cents per share, representing a 41% premium over WonderFi’s closing price on May 12, 2025. The deal is subject to customary closing conditions, including regulatory approvals and approval by WonderFi’s shareholders, and is expected to close in the second half of 2025.
Post-acquisition, WonderFi’s entire team will join Robinhood’s existing Canadian operations, which already employ over 140 people. This integration aims to leverage WonderFi’s established presence in the Canadian crypto market to accelerate Robinhood’s mission in the region.
Industry Impact
Robinhood’s acquisition of WonderFi reflects a broader trend of consolidation in the cryptocurrency industry, which has been experiencing a resurgence under U.S. President Donald Trump’s administration. Notable recent deals include Coinbase’s $2.9 billion purchase of Deribit and Ripple’s $1.25 billion acquisition of prime brokerage firm Hidden Road.
This acquisition positions Robinhood to compete more effectively in the global cryptocurrency market by expanding its user base and enhancing its service offerings. By integrating WonderFi’s platforms, Robinhood gains access to a broader range of cryptocurrency users, from beginners to advanced traders, and strengthens its presence in a market that continues to show significant growth potential.
As the cryptocurrency sector continues to mature and attract increased institutional interest, strategic acquisitions like this one are likely to play a crucial role in shaping the competitive landscape and driving innovation in the industry.