American trading platform Robinhood has announced its acquisition of WonderFi, the Canadian cryptocurrency operator behind Bitbuy and Coinsquare, for approximately C$250 million in cash.
The combined assets of Bitbuy and Coinsquare exceed C$2.1 billion, showcasing a significant presence in the marketplace. This acquisition is expected to bolster Robinhood’s expansion into one of the world’s fastest-growing cryptocurrency sectors and facilitate the creation of a comprehensive global financial ecosystem.
Employees from WonderFi will join over 140 Robinhood team members already operating in Canada, where the U.S. firm established a Toronto base in 2024 to serve as an engineering hub.
“WonderFi has developed a strong portfolio of brands that cater to both novice and experienced cryptocurrency users, making them an ideal ally in furthering Robinhood’s objectives in Canada,” stated Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto.
The acquisition agreement, anticipated to close in the second half of the year, stipulates that Robinhood will pay C$0.36 per share for all outstanding shares of WonderFi, marking a 41% premium over WonderFi’s closing price on May 12.