In a Shocking Move, Robinhood Enters the Canadian Crypto Market
Financial services platform Robinhood to purchase Kevin O'Leary-supported WonderFi, a cryptocurrency company, in a $179 million transaction.
Robinhood, the popular trading app, is making waves in the Canadian crypto space. The company has announced it will be purchasing WonderFi, a Canadian decentralized trading platform, for an estimated $179 million CAD.
This acquisition marks Robinhood's debut in the Canadian crypto market. Founded in 2021, WonderFi runs two of Canada's biggest regulated crypto platforms, Bitbuy and Coinsquare. The deal, valued at approximately $250 million, is expected to close in the second half of 2025.
Robinhood's strategic move to acquire WonderFi will grant Canadians easier access to crypto trading through a user-friendly, low-cost, and secure platform. The acquisition is part of Robinhood's global expansion strategy in digital assets, following its recent $200 million acquisition of the European crypto exchange Bitstamp.
WonderFi, which processes over $2.56 billion CAD in crypto trading volume each year, offers crypto trading, staking, over-the-counter transactions, and investor education. The WonderFi team, led by CEO Dean Skurka, will integrate with Robinhood Crypto, complementing its existing Toronto workforce of roughly 140 employees.
According to Dan Dolev, a senior equity analyst at Mizuho, the acquisition represents "a critical first step in entering the Canadian market," with potential long-term annual revenue of $250 million for the stock trading platform.
In a press release, Robinhood CEO, Vaibhav Tewari, stated, "We're excited to bring our vision of democratizing finance to the Canadian market. With WonderFi, we'll offer Canadians a seamless and secure crypto trading experience."
This move adds to Robinhood's growing footprint in the crypto market. Canadians can expect continuity and potentially enhanced crypto products as WonderFi joins Robinhood Crypto and continues delivering crypto services locally. The acquisition is subject to customary closing conditions, including regulatory and court approvals.
As a parting note, Shark Tank personality Kevin O'Leary, an investor in WonderFi, may see a 41% premium on his investment due to the buyout.
- Robinhood, known for its trading app, has entered the Canadian crypto market through the acquisition of WonderFi, a Canadian decentralized trading platform.
- The acquisition, valued at approximately $250 million, is expected to close in the second half of 2025 and marks Robinhood's debut in the Canadian crypto market.
- WonderFi, which runs two of Canada's biggest regulated crypto platforms, Bitcoin trading, Ethereum trading, and other digital asset trading, will integrate with Robinhood Crypto.
- The strategic move by Robinhood aims to provide Canadians easier access to crypto trading through a user-friendly, low-cost, and secure platform.
- Robinhood also acquired the European crypto exchange Bitstamp recently, as part of its global expansion strategy in digital assets.
- The acquisition of WonderFi has potential long-term annual revenue of $250 million for Robinhood's stock trading platform.
- With WonderFi joining Robinhood Crypto, Canadians can anticipate continuity and potentially enhanced crypto products, as well as continued local crypto services delivery.
