Robinhood announced Tuesday it will acquire Canadian crypto firm WonderFi in a C$250 million (US$178 million) all-cash deal, marking the brokerage’s latest move to grow its global crypto footprint. 

The deal gives Robinhood access to over C$2.1 billion in assets under custody and expands its reach into one of the fastest-growing crypto markets in the world.

WonderFi, which operates two of Canada’s most established regulated platforms—Bitbuy and Coinsquare—will continue its operations under Robinhood Crypto. 

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

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

Changes in leadership

Upon completion, WonderFi’s leadership, including CEO Dean Skurka, will join Robinhood Crypto and continue to oversee Canadian operations. Employees from WonderFi will jump into Robinhood’s existing Canadian workforce, which includes more than 140 staff 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, GM of Robinhood Crypto.

Robinhood has been expanding its crypto capabilities in recent years, having acquired Bitstamp for $200 million in 2024. 

The WonderFi acquisition builds on that strategy, positioning Robinhood to serve Canadian retail investors with a broad set of crypto services, including trading, staking, and custody.

WonderFi has approximately 1.6 million users across its platforms and reported over C$3.57 billion in trading volume in fiscal year 2024, a 28% year-over-year increase. The company went public via a reverse takeover in 2021 and has since grown into one of Canada’s leading crypto providers.

Robinhood plans to finance the purchase using cash on hand. J.P. Morgan served as Robinhood’s exclusive financial advisor, while WonderFi was advised by FT Partners and multiple legal and financial firms, according to the companies.