Robinhood's $250 Million Bet: Expanding in Canada with WonderFi Acquisition

Robinhood announced its acquisition of WonderFi, a Canadian cryptocurrency firm, for C$250 million, marking an ambitious step in its global expansion strategy. This acquisition, paid entirely in cash, values WonderFi at 36 Canadian cents per share, reflecting a 41% premium over its last closing price.

The crypto market is experiencing a resurgence under President Donald Trump, characterized by numerous high-profile mergers in 2025. Illustrating this trend, Coinbase recently purchased Deribit for $2.9 billion, and Ripple acquired prime brokerage firm Hidden Road for $1.25 billion. Last year, Robinhood itself bought crypto exchange Bitstamp for $200 million.

This acquisition strengthens Robinhood's push beyond stock trading into the broader financial sector, as it aims to become pivotal in users' financial planning. WonderFi, operating notable crypto exchanges Bitbuy and Coinsquare, handled over C$3.57 billion in crypto trades in 2024, 28% more than the previous year. Despite a 13.6% stock decline on the Toronto Stock Exchange this year, WonderFi remains a valuable asset.

(With inputs from agencies.)