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Robinhood to Acquire WonderFi in a $178 Million All-Cash Deal

Robinhood announced its plans to acquire Canadian crypto firm WonderFi for C$250 million (US$178 million) in an all-cash deal. This move aligns with the brokerage’s strategy to expand its global presence in the cryptocurrency market.

Expanding Robinhood’s Presence in Canada

The acquisition will give Robinhood access to over C$2.1 billion in assets under custody, helping the company strengthen its footprint in one of the world’s fastest-growing crypto markets. WonderFi operates two of Canada’s leading regulated platforms, Bitbuy and Coinsquare, which will continue to function under Robinhood Crypto.

WonderFi shareholders are set to receive C$0.36 per common share, representing a 41% premium to the stock’s May 12 closing price and a 71% premium to its 30-day volume-weighted average price.

The transaction is expected to close in the second half of 2025, pending shareholder and regulatory approvals.

Leadership Changes and Workforce Integration

Once the acquisition is complete, WonderFi’s leadership team, including CEO Dean Skurka, will join Robinhood Crypto and oversee Canadian operations. Additionally, employees from WonderFi will integrate into Robinhood’s existing Canadian workforce, which already includes more than 140 staff members based in Toronto.

“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, General Manager of Robinhood Crypto.

Robinhood’s Broader Crypto Expansion Strategy

Robinhood has been actively enhancing its crypto capabilities, with the WonderFi acquisition being the latest in a series of strategic moves. In 2024, Robinhood acquired Bitstamp for $200 million, further solidifying its position in the global crypto space.

Through this acquisition, Robinhood aims to serve Canadian retail investors with a comprehensive suite of crypto services, including trading, staking, and custody. WonderFi’s platforms currently boast approximately 1.6 million users and reported over C$3.57 billion in trading volume in fiscal year 2024, marking a 28% year-over-year increase.

Financial Details of the Acquisition

The deal will be financed using cash on hand, according to Robinhood. J.P. Morgan served as Robinhood’s exclusive financial advisor, while WonderFi was advised by FT Partners along with other legal and financial firms.

WonderFi, which went public through a reverse takeover in 2021, has grown into one of Canada’s leading cryptocurrency service providers. This acquisition positions Robinhood to capitalize on the growing interest in cryptocurrencies among Canadian investors.

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