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3mo ago

Robinhood Enters Canadian Crypto Market with $250M WonderFi Acquisition

The all-cash deal values WonderFi at a 41% premium and integrates its platforms and team into Robinhood's Canadian operations.

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 announced its acquisition of WonderFi, a Canadian crypto firm, for C$250 million ($179 million) in an all-cash transaction.
  • The deal values WonderFi at 36 Canadian cents per share, a 41% premium over its pre-announcement closing price.
  • WonderFi operates two regulated crypto platforms, Bitbuy and Coinsquare, which processed C$3.57 billion in trading volumes in fiscal 2024.
  • The acquisition is subject to shareholder and regulatory approval, with the closing anticipated in the second half of 2025.
  • WonderFi’s leadership, including CEO Dean Skurka, and its platforms will be integrated into Robinhood's Canadian operations, expanding its international crypto footprint.