Robinhood has announced its plan to acquire Canadian cryptocurrency firm WonderFi in an all-cash deal valued at C$250 million (US$178.98 million), approximately $179 million. The acquisition prices WonderFi shares at 36 Canadian cents (US$0.74) each, representing a 41% premium over the previous closing price. The deal was confirmed on May 13 and is expected to close in the second half of 2025.

Robinhood aims to enter Canada’s regulated crypto market through WonderFi’s established platforms. WonderFi operates Bitbuy, Coinsquare, and SmartPay, managing over C$2.1 billion in assets under custody. This acquisition is Robinhood’s first move into Canada. The firm opened its Toronto headquarters in 2024 and already employs over 140 staff in the country.

After the deal, WonderFi’s leadership team will stay, and employees will join Robinhood Crypto. Robinhood plans to integrate WonderFi’s services without disrupting operations. The deal includes support from WonderFi’s largest shareholders, including Mogo, and remains subject to shareholder and regulatory approval. A special shareholder meeting is scheduled for July 2025.

WonderFi processed C$3.57 billion in trading volume in 2024, up 28% year-on-year. Despite the rise, its shares fell 13.6% year-to-date before the acquisition news. On the announcement, WonderFi’s stock jumped 34% to C$0.24 on the Toronto Stock Exchange.

This WonderFi deal is part of a wider crypto M&A trend in 2025, boosted by pro-crypto U.S. regulations under President Donald Trump. Other major deals include Coinbase’s $2.9 billion buyout of Deribit, Ripple’s $1.25 billion acquisition of Hidden Road, and Kraken’s purchase of NinjaTrader. Robinhood held $27.4 billion in crypto assets in Q1 2025 and sees Canada as a long-term growth market. Analysts believe the region could eventually generate $250 million annually for the firm.

Robinhood’s stock has surged 64% year-to-date, reflecting investor confidence in its crypto strategy.