Trading app Robinhood has entered into an agreement to acquire WonderFi, a Canadian leader in digital asset products and services. The deal is worth $178 Million are closely translates to C$0.36 per common share. The purchase price also represents an attractive premium of approximately 41% to the closing price, and 71% to the 30-day volume-weighted average trading price (VWAP), as of May 12, Robinhood said on its website.
WonderFi operates two of Canada’s longest-standing regulated crypto platforms–Bitbuy and Coinsquare and has more than C$2.1 billion in assets under custody. “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.
WonderFi will continue to operate its products post the acquisition is completed. In addition, its leadership team will stay on as part of Robinhood Crypto and will work together to deliver a wide range of digital asset products to the Canadian consumer.WonderFi employees will join more than 140 Robinhood employees based in Canada.
Robinhood established its Canadian headquarters in Toronto in 2024 as an infrastructure engineering hub, tapping into Canada’s deep pool of tech talent. Widely known for democratizing access to investing in the U.S. and is moving towards scaling its business of making financial and crypto products more accessible to people in the EU and now Canada.
The acquisition is expected to close by the second half of 2025 and follows Robinhood’s $200 million acquisition of Bitstamp announced last June, which is the company’s largest deal to date.
