By Robb M. Stewart
Robinhood Markets is riding the crypto wave in Canada with an almost $180 million deal to buy WonderFi Technologies, one of the country's largest digital-currency trading platforms.
The Canadian company said Tuesday it has entered a definitive agreement to be acquired by Robinhood for roughly 250 million Canadian dollars ($178.9 million) in cash.
Robinhood, a digital brokerage that has benefited from the crypto craze, will pay C$0.36 a share for WonderFi, a 41% premium to the last closing price.
WonderFi said it will continue to operate its products after the transaction closes, and its leadership team will stay on as part of Robinhood Crypto, joining more than 140 Robinhood employees based in Canada. Robinhood established its Canadian headquarters in Toronto in 2024 to serve as an infrastructure engineering hub.
WonderFi has more than C$2.1 billion in client assets under custody, and the company said its regulated trading platforms are positioned to service crypto participants across Canada with trading, payments and decentralized products, including purpose-built blockchains and non-custodial wallet applications.
The Canadian company's largest shareholders, digital wealth and payments business Mogo, alongside other investors and directors and certain officers of WonderFi have agreed to support the deal.
The transaction is expected to close in the second half of the year.
Last week, Robinhood agreed to buy cryptocurrency exchange Bitstamp for $200 million in cash, placing a bigger bet on Bitcoin. Bitstamp holds more than 50 active licenses and registrations globally and will bring customers in the EU, U.K., U.S. and Asia to Robinhood.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
May 13, 2025 10:24 ET (14:24 GMT)
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