Robinhood Expands Crypto Reach with $179M WonderFi Acquisition
Robinhood is stepping deeper into Canada's crypto market by acquiring WonderFi for approximately C$250 million ($179 million), signaling a strategic move to expand its international presence.
The all-cash acquisition values WonderFi at 36 Canadian cents per share—a robust 41% premium compared to its previous closing price. WonderFi, known for operating leading Canadian crypto exchanges Bitbuy and Coinsquare, processed an impressive C$3.57 billion in cryptocurrency trades during the 2024 fiscal year, marking a 28% growth from the prior year.
Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto, highlighted WonderFi’s dual appeal to both novice and experienced crypto enthusiasts, stating this makes them an "ideal partner." This acquisition is part of Robinhood's broader ambition to diversify beyond its stock-trading origins and embed cryptocurrency services deeply within users’ financial lives.
This purchase aligns with a broader industry trend, as crypto markets experience renewed vitality under the administration of U.S. President Donald Trump. 2025 has seen significant consolidation, including Coinbase’s monumental $2.9 billion buyout of Deribit and Ripple's strategic acquisition of Hidden Road for $1.25 billion. Robinhood itself acquired crypto exchange Bitstamp for $200 million last year, further underscoring its aggressive expansion strategy.
While WonderFi’s stock faced a 13.6% decline this year, resulting in a market cap of C$163.9 million, the acquisition by Robinhood represents a notable turnaround opportunity. WonderFi’s employees are set to integrate with Robinhood's existing Canadian workforce, already numbering over 140.
The deal coincides with a surge in crypto popularity during 2025, fueled by rising Bitcoin prices amid global economic uncertainties and trade conflicts. Conversely, traditional markets have shown stagnation, with the S&P 500 experiencing a modest decline of 0.6% year-to-date.
This strategic move by Robinhood is expected to strengthen its competitive edge internationally and provide enhanced crypto offerings to Canadian users.