Robinhood Expands Into Canada by Acquiring WonderFi Technologies for $179 Million

Robinhood Markets (NASDAQ:HOOD) has announced that it has agreed to acquire Vancouver-based WonderFi Technologies (OTCMKTS:WDRTX) in an all-cash transaction valued at US$179 million. The deal will mark the retail brokerage’s official entry into the Canadian cryptocurrency market.

As part of the agreement, WonderFi shareholders will receive C$0.36 per share, representing a 41% premium over the firm’s closing price before the announcement. This transaction will value the Canadian company at approximately C$250 million.

Investors have responded positively to the news, sending Robinhood shares up 6.4% to trade around $61 on Wednesday. Meanwhile, WonderFi’s stock on the Toronto Stock Exchange DE:TORONTO jumped 34% to C$0.24, highlighting the market’s enthusiasm for cross-border crypto consolidation.

Veteran investor Kevin O’Leary, a prominent backer of WonderFi and Shark Tank personality, praised the acquisition as a testament to WonderFi’s “picks and shovels” approach, which focuses on durable infrastructure rather than speculative token bets.

“Stablecoins, and the ability to settle in real time, will contribute more to crypto’s mainstream adoption than anything else,” O’Leary remarked in a recent interview, adding that “the institutions aren’t coming for Bitcoin; they’re coming for a parallel, programmable financial system that can keep pace with Web3.”

Robinhood’s entry into the Canadian market

The move to acquire WonderFi comes after Robinhood announced earlier this year that it expects to close its US$200 million purchase of Luxembourg-based crypto exchange Bitstamp in the first half of 2025, further highlighting its global ambitions.

The company's expansion into Canada with WonderFi also complements its mission to democratize finance for all, tapping into a market where retail crypto adoption continues to accelerate alongside growing mainstream interest.

The acquisition will bring two of Canada’s most established crypto trading platforms, Bitbuy and Coinsquare, both of which have amassed loyal user bases since their respective inceptions in 2013 and 2015, under Robinhood’s umbrella.

By integrating WonderFi’s infrastructure and expertise, Robinhood will gain immediate access to a market that saw over C$3.57 billion in trading volume on WonderFi’s platforms during fiscal 2024, reflecting a 28% year-over-year increase in activity.

All of WonderFi’s existing employees, whose ranks now exceed 140 professionals specializing in customer support and regulatory compliance, will transition to Robinhood, bolstering the US firm’s ability to navigate Canada’s distinct financial oversight environment.

The acquisition will be executed through a plan of arrangement and requires approval from at least a majority of WonderFi's shareholders at a special meeting to be held on or about August 15, 2025.

Robinhood is evolving beyond commission-free equities

The move underscores Robinhood’s broader strategy to evolve beyond its origins as a commission-free equities trading app by cultivating a more diversified, borderless financial services ecosystem centered on digital assets.

"We're excited to enter the Canadian market with the acquisition of WonderFi, which we believe is a critical first step in expanding our footprint to new, diverse markets and customer segments," said Robinhood CEO Vlad Tenev.

"Canada is a natural fit for our company values and brand, with its strong regulatory framework, high levels of investor adoption for crypto, and close proximity to the U.S. market."

The acquisition agreement, which was reached after careful consideration by both parties, reflects the mutual benefit and potential for growth that a partnership between the two companies can bring.

As part of the transaction, which is expected to close in the fourth quarter of 2025, Robinhood will pay a cash price of C$0.36 per WonderFi share, which represents a 41% premium over the 10-day volume-weighted average price for the period ending July 18, 2025.

The purchase price also represents a 33% premium over the 20-day volume-weighted average price over the same period.

Following the announcement, Robinhood shares rose 6.4% in pre-market trading on Wednesday, reaching $61.

The news also brought a surge in WonderFi's stock on the Toronto Stock Exchange, which soared 34% to C$0.24.

The acquisition agreement was reached following a competitive bidding process and has been approved by both companies' boards of directors.

The transaction is subject to certain closing conditions, including the receipt of necessary regulatory approvals, the approval of a majority of the common shares held independently of and in addition to any common shares held by or for the benefit of an "