Acquisition gives US trading platform a toehold in the Canadian crypto space
Robinhood Markets Inc. announced today that it has completed its acquisition of WonderFi Technologies Inc., a Canadian digital asset platform. Wonderfi owns brands including Bitbuy, Coinsquare, and Bitcoin.ca and has over $2 billion (CAD) in assets under custody.
Robinhood, which currently commands an $81.9 billion (USD) market capitalization, announced this deal in May of 2025 for a value of $250 million (CAD). The US-based company has become a major provider of low-cost brokerage services in the United States and is frequently used by DIY investors and traders. The outstanding shares of WonderFi, which were acquired for $0.36 per share, will be de-listed from the TSX at the close of trading on June 2nd.
In the wake of the announced deal in May of last year, Johann Kerbrat, SVP at Robinhood, spoke with BNN Bloomberg about the deal. There was no mention of using the WonderFi acquisition to enter the low cost securities brokerage space. Instead, the interview focused on the opportunity Robinhood sees in the Canadian cryptocurrency and digital asset market. Coinsquare, one of the platforms operated by WonderFi, is the first Canadian crypto platform to be CIRO registered.
Recently, Robinhood's crypto business in the United States has come under some pressure due to lower Bitcoin prices and weaker trading volumes. Bitcoin is currently now below $80,000 (USD). Robinhood reported $134 million (USD) in crypto revenue for Q1 of 2026, down from $252 million (USD) in Q1 of 2025. Robinhood stock has also dropped almost 22 per cent year to date.
