Shark Tank-backed crypto firm sees stock jump after takeover offer from US brokerage
Robinhood Markets Inc. is set to acquire Canadian cryptocurrency company WonderFi Technologies Inc. in a $250m deal, according to The Globe and Mail.
The acquisition, which still requires shareholder and regulatory approval, would mark Robinhood’s entry into the Canadian market.
The deal values WonderFi at 36 cents per share—a 41 percent premium over its Monday closing price. On Tuesday, WonderFi’s stock closed at 34.5 cents per share on the Toronto Stock Exchange, gaining nine cents or 35 percent.
The acquisition comes amid a broader trend of consolidation in the cryptocurrency sector, which has seen increased momentum in recent months.
US President Donald Trump has positioned himself as a pro-crypto candidate during the 2024 election campaign. Since returning to office, US regulators have eased enforcement actions in the sector.
Trump has also offered exclusive rewards to supporters of his digital token, $TRUMP, including a dinner for the top 220 buyers.
WonderFi president and CEO Dean Skurka said on Tuesday that “through the election and into the inauguration, we saw a massive increase in excitement across the industry, which led to rapid signups and greater adoption than typically seen.”
He added that with favourable US regulations likely under the current US administration, the crypto industry could see increased mainstream adoption both in Canada and internationally.
WonderFi executive chair Bobby Halpern began his involvement in the sector in 2018 when he acquired Bitbuy for $330,000.
At the time, the platform had 500 customers and operated from a small Toronto office.
Backed by Shark Tank investor Kevin O’Leary, WonderFi acquired Bitbuy’s parent company in 2022 for $206m in cash and stock.
In 2023, WonderFi merged with CoinSmart Financial Inc. and Coinsquare Ltd. to scale operations and compete with global exchanges.
“WonderFi has consolidated the Canadian registered crypto trading platforms over the last three years, and through that, we’ve seen the value that scale creates within the Canadian market,” said Skurka.
He added that the Robinhood acquisition “will continue to allow us to grow at a meaningful rate in the Canadian market.”
Despite the consolidation, WonderFi has struggled to maintain profitability, trading below 40 cents per share in recent years.
The company reported a $17.5m loss in 2023, which narrowed to $1.2m in 2024.
Discussions with California-based Robinhood began in late 2024.
Johann Kerbrat, Robinhood’s senior vice-president and general manager of crypto, said the company wanted to establish a presence in Canada, where it already has an engineering team but no operations.
WonderFi appealed to Robinhood due to its regulatory status, ownership of two recognised brands—Coinsquare and Bitbuy—and more than $2.1bn in client assets.
“We think WonderFi was kind of the ideal partner for us to accelerate our mission to enter Canada,” said Kerbrat.
Halpern said the acquisition is expected to close in the second half of 2025.
