WonderFi will join Robinhood Crypto and continue to deliver crypto products to Canadian customers
WonderFi shareholders to receive all-cash consideration of C$0.36 per Common Share
Purchase price represents an attractive premium of approximately 41% to the closing price, and 71% to the 30-day VWAP, as of May 12
Robinhood Markets, Inc. has entered into an agreement to acquire WonderFi, a Canadian leader in digital asset products and services. WonderFi operates two of Canada’s longest-standing regulated crypto platforms, with more than C$2.1 billion in assets under custody. WonderFi’s proven leadership in bringing trusted, innovative products to Canadian consumers will support Robinhood’s vision of building a global financial ecosystem.
Canada is home to one of the fastest-growing crypto markets and Robinhood’s accessible, low-cost, and secure platform will build upon WonderFi’s mission and bring millions of Canadians greater access to crypto trading. WonderFi’s technologies and products, including Bitbuy and Coinsquare, are highly aligned with Robinhood Crypto, with offerings including crypto trading, staking, and custody.
“WonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhood’s mission in Canada,” said Johann Kerbrat, SVP and GM of Robinhood Crypto. “We look forward to partnering with the WonderFi team to deliver innovative, user-centric crypto products to Canadian customers.”
Widely known for democratizing access to investing in the U.S., Robinhood brings vast experience scaling innovative, accessible financial products to millions of customers, and is building a global financial ecosystem with crypto products already available in eligible EU countries. Robinhood is a credible counterparty with an extensive track record of executing transactions globally and intends to finance the purchase price with cash on hand.
“WonderFi and Robinhood are united in our visions of making crypto accessible and bringing more people into the crypto space,” said WonderFi President and CEO Dean Skurka. “We’re delighted to be joining the Robinhood team and to super-charge our product offerings for customers.”
“Through a long and focused effort, WonderFi successfully built one of Canada’s largest registered Crypto-Trading platforms,” said Bobby Halpern, Executive Chairman of WonderFi. “This transaction is the culmination of those efforts and the launchpad for Robinhood to democratize finance across Canada. The arrangement provides WonderFi shareholders with all-cash consideration at an attractive premium to our recent trading levels.”
WonderFi will continue to operate its products after the acquisition closes. In addition, the WonderFi leadership team will stay on as part of Robinhood Crypto, bringing experience delivering a wide range of digital asset products to Canadian customers.
WonderFi employees will join more than 140 Robinhood employees based in Canada. Robinhood established its Canadian headquarters in Toronto in 2024 as an infrastructure engineering hub, tapping into Canada’s deep pool of tech talent.
Robinhood will acquire all of the issued and outstanding common shares for C$0.36 per Common Share by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia). The all-cash purchase price represents a total equity value of approximately C$250 million on a fully diluted, in-the-money basis, a premium of approximately 41% to the closing price of the Common Shares on the Toronto Stock Exchange (the “TSX”) on May 12, 2025, the last trading day prior to the announcement of the transaction, and a premium of approximately 71% to the 30-day volume-weighted average trading price (“VWAP”) of the Common Shares as at that date.
The acquisition is expected to close in H2 2025, subject to customary closing conditions, including regulatory approvals, court approval and approval by WonderFi’s shareholders.
J.P. Morgan Securities, LLC served as exclusive financial advisor to Robinhood and Davies Ward Phillips & Vineberg LLP acted as its legal counsel. Financial Technology Partners (“FT Partners”) acted as WonderFi’s financial advisor. Canaccord Financial provided the fairness opinion to WonderFi. Origin Merchant Partners provided the fairness opinion to WonderFi’s special committee. PowerOne Capital Markets Limited acted as WonderFi’s special advisor. Goodmans LLP acted as legal advisor to WonderFi’s Special Committee. Cassels Brock & Blackwell LLP acted as WonderFi’s legal counsel, and Mintz LLP acted as its regulatory counsel.
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