Robinhood is making a major push into international cryptocurrency markets with the acquisition of Canadian digital asset firm WonderFi in an all-cash deal valued at $179 million. The U.S.-based fintech company announced the agreement on May 13, signaling its intent to grow beyond American borders as crypto trading gains new momentum under friendlier regulatory conditions.
The acquisition, expected to close in the second half of 2025, will allow Robinhood to tap directly into Canada’s tightly regulated crypto market. WonderFi operates Bitbuy and Coinsquare, two of the country’s longest-standing and regulated crypto trading platforms. Together, the platforms manage over 2.1 billion Canadian dollars in assets under custody and offer a range of services, including crypto trading, staking, and secure storage.
“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, senior vice president and general manager of Robinhood Crypto.
Deal Comes with Premium Valuation
Under the terms of the agreement, Robinhood will purchase all outstanding shares of WonderFi at 0.36 Canadian dollars per share. That represents a 41% premium over WonderFi’s last closing price on the Toronto Stock Exchange and a 71% premium over its 30-day volume-weighted average price.
Prior to the acquisition announcement, WonderFi had a market capitalization of 163.9 million Canadian dollars. Its stock had declined 13.6% year-to-date on the Toronto exchange, making the generous offer from Robinhood particularly attractive to shareholders. The deal is still subject to standard regulatory and court approvals, as well as shareholder approval.
Crypto M&A Surge in 2025
Robinhood’s acquisition is the latest in a surge of high-profile crypto mergers and acquisitions in 2025. The wave of activity follows a shift in U.S. regulatory posture after President Donald Trump’s return to the White House, which has been broadly welcomed by the crypto sector.
Earlier this year, Coinbase made headlines with its $2.9 billion purchase of Deribit, a major Dubai-based derivatives exchange. Ripple also joined the acquisition race with its $1.25 billion purchase of Hidden Road, a deal aimed at strengthening its institutional offerings.
On May 2, Kraken completed its acquisition of futures trading platform NinjaTrader, allowing it to expand its crypto derivatives business within the U.S. market.
Robinhood itself has not been idle. In 2024, the company bought Bitstamp, a long-established cryptocurrency exchange, in a $200 million deal that gave it access to a broader institutional clientele. And just last week, reports surfaced that Robinhood is building a blockchain network designed to allow European retail investors to trade U.S. securities, further underscoring its global ambitions.
WonderFi’s 2024 Growth Adds Value
While Robinhood has been looking outward, WonderFi has been building quietly at home. In 2024, the Canadian firm processed 3.57 billion Canadian dollars in trading volume—a 28% increase from the previous year. That growth made it one of Canada’s most prominent digital asset companies and an attractive target for acquisition.
The combination of WonderFi’s regulatory foothold and established user base with Robinhood’s technical infrastructure and international strategy could create a formidable presence in North America’s crypto landscape. It also positions Robinhood to compete more aggressively with global crypto giants that are racing to capture new markets.
Strategic Shift for Robinhood
Robinhood’s latest move marks a significant evolution from its early days as a stock trading app popular with retail investors. Now, with several crypto-focused acquisitions under its belt, the company is positioning itself as a major player in the international digital asset economy.
By integrating WonderFi’s brands into its platform, Robinhood is betting that more users—both retail and institutional—will be looking for secure, compliant, and user-friendly ways to access crypto markets. As regulations evolve and the global appetite for digital assets grows, the WonderFi deal gives Robinhood a crucial foothold in a country with robust financial oversight and an active crypto user base.
As the deal moves toward approval, both companies are expected to benefit from shared resources, expanded offerings, and a larger platform from which to navigate the next phase of the crypto evolution.
