Robinhood to Acquire Canadian Digital Asset Provider WonderFi for $179.50 M

Robinhood Markets Inc. has entered into an agreement to acquire WonderFi, a Canadian provider of digital asset products and services, for USD 179.50 million. Robinhood stated its decision to acquire WonderFi was based on WonderFi operating two regulated Canadian crypto firms and having a track record of delivering improved products to customers. The company believes this aligns with Robinhood's vision of building a global financial ecosystem, which is already available in eligible countries within the European Union.

Under the terms of the agreement, Robinhood will acquire all of the issued and outstanding common shares of WonderFi by way of a statutory plan of arrangement under the Business Corporations Act. WonderFi's shareholders are expected to receive an all-cash consideration of USD 0.26 per common share. The all-cash purchase price represents a premium of approximately 41% to WonderFi's closing price and approximately 71% to its 30-day volume-weighted average price (VWAP). The acquisition is anticipated to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals, court approval, and shareholder approval.

Robinhood states its aim is to democratize access to investing in the United States. With this acquisition, the company intends to bring its expertise in modern, accessible financial products to a new customer base as it continues to build its global financial ecosystem. Robinhood, which acts as a counterparty that has executed transactions globally in the past, intends to finance the purchase price using cash on hand.

The Canadian crypto market is described as showing signs of growth. Robinhood stated that its low-cost and secure platform aims to provide Canadians with greater access to crypto trading. WonderFi's products, such as Bitbuy and Coinsquare, are presented as being aligned with Robinhood Crypto, which provides services including trading, staking, and custody. WonderFi's family of brands reportedly serve both new and advanced crypto users by offering customer-centric crypto products. The two companies state they share the same vision of spreading the adoption of crypto and making it more accessible for users globally. Following the closing of the acquisition, WonderFi is expected to continue operating its offerings, and its leadership team will become part of Robinhood Crypto. WonderFi employees are expected to join Robinhood's teams located in the Toronto headquarters.