Key Takeaways
- Robinhood will acquire WonderFi for $179 million in an all-cash deal.
- WonderFi operates two major Canadian Bitcoin trading platforms: Bitbuy and Coinsquare.
- The move is part of a larger trend of Bitcoin-related M&A in 2025.
Robinhood has agreed to acquire Canadian crypto firm WonderFi for 250 million Canadian dollars ($179 million) in an all-cash transaction, the company announced May 13.
The deal is expected to close in the second half of 2025, pending regulatory, court, and shareholder approval.
WonderFi’s operations and services
WonderFi operates Bitbuy and Coinsquare, two of Canada’s oldest regulated crypto platforms, with more than 2.1 billion Canadian dollars in assets under custody.
The platforms offer services including Bitcoin trading, staking, and custody.
Strategic partnership and financial details
Johann Kerbrat, SVP and general manager of Robinhood Crypto, said:
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.
Robinhood will pay 0.36 Canadian dollars per WonderFi share — a 41% premium over its last closing price and a 71% premium over its 30-day average.
Before the acquisition, WonderFi had a market cap of 163.9 million CAD, despite a 13.6% year-to-date drop in its share price.
Broader M&A trend in 2025
The acquisition follows Robinhood’s 2024 purchase of Bitstamp for $200 million and aligns with a broader M&A trend in 2025.
Other major deals include Coinbase’s $2.9 billion acquisition of Deribit, Ripple’s $1.25 billion acquisition of Hidden Road, and Kraken’s recent purchase of NinjaTrader.
WonderFi’s market performance
WonderFi processed 3.57 billion CAD in trading volume last year, up 28% from 2023, signaling strong performance ahead of the deal.
