Robinhood Expands Crypto Reach with WonderFi Acquisition
Robinhood has announced a notable move in the crypto space. The brokerage will buy Canadian crypto firm WonderFi for C$250 million (US$178 million). This all-cash deal aims to boost Robinhood’s global crypto presence.
The acquisition grants Robinhood access to over C$2.1 billion in assets. It also expands its reach into Canada’s rapidly growing crypto market. wonderfi operates two major regulated platforms: Bitbuy and coinsquare. These platforms will continue under robinhood Crypto.
WonderFi shareholders will receive C$0.36 per share, a 41% premium. The deal is expected to close by mid-2025, pending approvals.
WonderFi’s CEO, Dean Skurka, and his team will join Robinhood Crypto. They will oversee Canadian operations. This move adds to robinhood’s existing canadian workforce of over 140 employees in Toronto.
WonderFi serves about 1.6 million users. It reported over C$3.57 billion in trading volume in 2024, up 28% from the previous year. This acquisition supports Robinhood’s mission to offer a wide range of crypto services in Canada.
Robinhood plans to fund the purchase with its cash reserves. J.P. Morgan advised Robinhood, while FT Partners guided WonderFi.
