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Robinhood Acquires WonderFi in $250M Deal to Enter Canadian Crypto Market

The acquisition includes WonderFi's Bitbuy and Coinsquare platforms, marking Robinhood's first operational presence in Canada as part of its global expansion strategy.

Electronic screens in New York's Times Square announce the Robinhood IPO, Thursday, July 29, 2021. Robinhood has already changed how people trade stocks and who's doing it. Now its sights are on the rest of the financial industry. (AP Photo/Mark Lennihan)
Robinhood logo is seen on a smartphone in front of a displayed same logo in this illustration taken, July 2, 2021. REUTERS/Dado Ruvic/Illustration
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Overview

  • Robinhood has agreed to acquire Canadian crypto firm WonderFi for C$250 million (US$179 million) in an all-cash deal, representing a 41% premium on WonderFi's stock price.
  • This acquisition gives Robinhood control of WonderFi's Bitbuy and Coinsquare platforms, which processed over C$3.57 billion in trading volume in fiscal 2024.
  • The deal marks Robinhood's entry into the Canadian market, intensifying competition with platforms like Coinbase and Wealthsimple Crypto.
  • WonderFi's leadership team, including CEO Dean Skurka, will join Robinhood’s Canadian operations, adding to its existing Toronto workforce of 140 employees.
  • The acquisition is expected to close in the second half of 2025, further advancing Robinhood's international growth and diversification efforts in the crypto industry.