Robinhood Enters Canada with WonderFi Acquisition
Date: 2025-05-14 Author: Henry Casey Categories: BUSINESS
Robinhood has officially announced the acquisition of crypto platform WonderFi, which manages assets worth CAD 2.1 billion (approximately $1.5 billion). The deal is valued at CAD 250 million (approximately $178.6 million), which exceeds the market value of WonderFi shares by 41% as of May 12, 2025. The entire amount will be paid in cash.
The parties plan to complete the transaction in the second half of 2025. To do this, they will have to go through standard procedures: approval by shareholders, regulatory approval, and court approval.
After the deal is closed, WonderFi employees will become part of Robinhood's Canadian division, which already employs more than 140 people. At the same time, WonderFi will retain control over its core products, including the Bitbuy and Coinsquare platforms, two of the first regulated crypto exchanges in Canada.
Johan Kerbrath, Robinhood's senior vice president and head of crypto, emphasized the strategic importance of the deal: "WonderFi has gathered strong brands under its wing that cater to both new and experienced traders. This makes them an ideal partner to grow our operations in Canada."
WonderFi has also been in the media spotlight before. In November 2024, its president and CEO Dan Skurka was kidnapped by unknown persons and released after paying a ransom of $1 million.
The acquisition of WonderFi has not yet become the largest deal in the crypto sector this year. The leader remains the purchase of the Deribit platform by Coinbase - this deal cost $2.9 billion and became a landmark event for the industry.
The WonderFi deal marks a major move by Robinhood to strengthen its presence in the North American cryptocurrency market, especially amid growing interest in digital assets in Canada.
