Robinhood Markets has revealed it will buy Canadian crypto firm WonderFi in a full cash deal worth CAD 250 million. The per-share purchase price stands at CAD 0.36, offering shareholders a significant premium over the latest market price.
WonderFi shareholders are set to benefit from a 41 percent premium compared to the previous trading day’s close. The deal includes Robinhood acquiring all of WonderFi’s issued and outstanding common shares under British Columbia’s Business Corporations Act.
Robinhood plans to fund the acquisition using its available cash reserves, without raising new capital. The agreement awaits regulatory and shareholder approvals and is scheduled to close in the second half of 2025.
WonderFi is Canada’s oldest-standing digital asset custodian, with assets under custody of over CAD 2.1 billion. Its subsidiaries are Bitbuy and Coinsquare, which have trading, staking, and custody of digital assets.
The Robinhood acquisition is expected to expand on WonderFi’s established platforms while enhancing Robinhood’s presence in the crypto market in Canada.
Crypto product innovation driven by partnership
Its Toronto based Canadian headquarters opened in 2024 with a concentration on infrastructure engineering. Having more than 140 staff already based in Canada, the business is now widening operations through the addition of WonderFi’s people and operations.
WonderFi people and management will stay on as part of Robinhood Crypto, developing products for enthusiasts in Canada. Executives Johann Kerbrat from Robinhood and Dean Skurka from WonderFi expressed confidence in combining forces to offer innovative crypto products.
WonderFi Chairman Bobby Halpern called the deal a strategic leap forward for Canadian financial access. The deal involved a number of legal and finance advisors, including FT Partners for WonderFi and J.P. Morgan for Robinhood.
Regulatory compliance was taken care of for the deal by legal advisors such as Goodmans LLP and Cassels Brock & Blackwell.
Nonetheless, upon completion, the acquisition is likely to consolidate Robinhood’s global presence and expand crypto service for customers in Canada.
