Robinhood Markets, a subsidiary of financial services giant Robinhood, has agreed to acquire WonderFi Technologies, a Canadian crypto trading platform, in an all-cash deal valued at C$250 million (around US$179 million). The acquisition marks a major step in Robinhood’s crypto expansion into the Canadian market.
The deal values WonderFi shares at C$0.36 each — a 41% premium to their May 12 closing price on the Toronto Stock Exchange and a 71% premium to the 30-day volume-weighted average trading price, Robinhood and WonderFi said Tuesday.
“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. WonderFi operates registered platforms including Bitbuy, Coinsquare and SmartPay, and currently holds over C$2.1 billion in client assets under custody.
WonderFi’s leadership team will stay on and continue operating under Robinhood Crypto, with plans to expand its crypto product offerings for Canadian users. The deal will also see WonderFi employees join Robinhood, adding to its more than 140 staff in Canada. Robinhood opened a Canadian headquarters in Toronto last year.
WonderFi shareholders will vote on the deal at a special meeting expected in July. If approved by shareholders and regulators, the transaction is expected to close in the second half of 2025. Last November, WonderFi president and CEO Dean Skurka was reportedly kidnapped and released after a $1 million ransom was paid.
JPMorgan Securities served as exclusive financial advisor to Robinhood, with Davies Ward Phillips & Vineberg acting as its legal counsel. WonderFi was advised by Financial Technology Partners and others, with Cassels Brock & Blackwell and Mintz acting as its legal and regulatory counsel, respectively.
Last year, Robinhood Markets also agreed to acquire the European cryptocurrency exchange Bitstamp for $200 million to expand outside its home market in the U.S.
The crypto industry is seeing a sharp rise in mergers and acquisitions this year, fueled by favorable regulation, market consolidation and a drive to scale infrastructure. Recent high-profile deals include Coinbase’s $2.9 billion acquisition of Deribit, Kraken’s $1.5 billion purchase of NinjaTrader, and Ripple’s $1.25 billion acquisition of Hidden Road.
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