Robinhood to buy Canada’s oldest crypto platform WonderFi

What’s new? Broker Robinhood Markets has entered into an agreement to acquire WonderFi, operator of two of Canada’s oldest regulated crypto platforms with more than CAD 2,1 billion in assets under management.

Press release

Canada is one of the fastest-growing crypto markets, and Robinhood’s accessible, affordable, and secure platform, together with WonderFi, will provide millions of Canadians with greater access to crypto trading.

WonderFi’s technologies and products, including Bitbuy and Coinsquare, are closely aligned with Robinhood Crypto as they offer services such as trading, staking, and storing cryptocurrencies.

“WonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhood’s mission in Canada,” said Johann Kerbrat, SVP and GM of Robinhood Crypto.

“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. “We’re delighted to be joining the Robinhood team and to super-charge our product offerings for customers.”

The purchase agreement provides WonderFi shareholders with all-cash consideration at a high premium to recent trading levels.

WonderFi will continue to manage its products after the transaction closes. In addition, WonderFi’s management team will remain as part of Robinhood Crypto.

WonderFi employees will join Robinhood’s more than 140 employees in Canada. Robinhood opened its Canadian headquarters in Toronto in 2024 as an infrastructure engineering center.

Robinhood will acquire all of the issued and outstanding common shares at a price of 0,36 Canadian dollars per common share pursuant to a statutory plan of arrangement. The all-cash purchase price represents a total equity value of approximately 250 million Canadian dollars on a fully diluted basis, at a premium of approximately 41% to the closing price of the common shares on the Toronto Stock Exchange (“TSX”) on May 12, the last trading day prior to the announcement of the transaction, and a premium of approximately 71% to the 30-day volume weighted average trading price (“VWAP”) of the common shares on that date.

The transaction is expected to close in the second half of 2025, subject to customary conditions, including regulatory, court, and WonderFi shareholder approvals.