Robinhood Markets is making a bold move into the Canadian crypto space by acquiring Toronto-based WonderFi for approximately $250 million CAD.
The deal, announced today, involves Robinhood purchasing all outstanding shares at $0.36 CAD apiece—representing a 41% premium over WonderFi’s most recent TSX closing price.
This acquisition gives Robinhood access to over 1.7 million users and $2.1 billion in client assets currently managed by WonderFi’s brands, Bitbuy and Coinsquare—two of Canada’s most popular regulated crypto exchanges.
Strengthening Robinhood’s Canadian presence
Robinhood already operates a 140-person infrastructure engineering hub in Toronto and has been laying groundwork for expansion in Canada. Following the deal, WonderFi’s team will join Robinhood Crypto’s Canadian workforce, bringing with them extensive local market expertise.
The acquisition is expected to close in the second half of 2025, pending shareholder, court, and regulatory approvals.
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Building on a consolidated crypto empire
WonderFi, led by executive chairman Bobby Halpern, has spent years consolidating Canadian crypto platforms. Its portfolio includes acquisitions of Bitbuy, Coinsquare, CoinSmart, Coinberry, Bitvo, and others. These brands have since been unified under Bitbuy and Coinsquare, giving Robinhood instant scale in Canada’s digital asset ecosystem.
WonderFi also owns crypto payments platform SmartPay and holds a stake in custodian Tetra Trust, further broadening Robinhood’s reach.
Robinhood eyes crypto dominance amid shifting U.S. policy
Robinhood’s move comes as the U.S. under President Trump pushes to become the “crypto capital of the world.” Analysts from Bernstein believe the company’s international crypto expansion could significantly boost its stock performance.
Johann Kerbrat, Robinhood Crypto’s SVP and GM, called WonderFi “an ideal partner to accelerate Robinhood’s mission in Canada,” citing the company’s balanced appeal to both beginner and advanced crypto users.
Competing on Canadian turf
Robinhood’s Canadian expansion puts it in direct competition with Wealthsimple, which has over $73 billion CAD in assets under administration and more than 3 million users. Robinhood, in comparison, holds $187 billion USD in assets under custody globally.
Other U.S. platforms like Coinbase and Kraken have also ramped up Canadian operations, but Robinhood’s acquisition gives it an immediate foothold and brand recognition in the country’s regulatory landscape.
Market challenges remain
Despite its strong user base, WonderFi’s TSX stock has struggled, down roughly 68% since its June 2022 peak. The acquisition offers a strategic reset and gives Robinhood a launchpad to broaden its reach, especially as it eyes further product innovation and growth outside the U.S.
“This transaction is the culmination of those efforts and the launchpad for Robinhood to democratize finance across Canada,” said WonderFi’s Halpern.
With this acquisition, Robinhood strengthens its global crypto ambitions while giving Canada’s fragmented digital asset market a major new player.
