Brokerage fintech Robinhood is set to acquire WonderFi, a Canadian crypto firm, for approximately 250 million Canadian dollars ($179 million) in an all-cash deal to expand its global presence.

The acquisition is expected to close in the second half of 2025, Robinhood said in a May 13 press release.

WonderFi operates two of Canada’s longest-standing regulated crypto trading platforms, Bitbuy and Coinsquare, managing over 2.1 billion Canadian dollars in assets under custody. These platforms offer crypto trading, staking and custody services.

“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, senior vice president and general manager of Robinhood Crypto.

Under the terms of the deal, Robinhood will acquire all outstanding WonderFi shares at 0.36 Canadian dollars per share — a 41% premium over WonderFi’s last closing price on the Toronto Stock Exchange and a 71% premium over its 30-day volume-weighted average price.

Before the deal, WonderFi’s market cap was 163.9 million Canadian dollars, and its stock was down 13.6% year-to-date on the Toronto Stock Exchange.

The deal remains subject to customary closing conditions, including regulatory and court approvals, as well as approval by WonderFi’s shareholders.

Source: Robinhood

Related: Robinhood beats Q1 estimates despite revenue, crypto trading dip

Crypto M&A frenzy picks up

Robinhood’s $179 million acquisition of WonderFi is part of a broader wave of crypto industry mergers and acquisitions (M&As) in 2025, spurred by friendlier US regulations under President Donald Trump.

Major deals this year include Coinbase’s $2.9 billion purchase of Deribit and Ripple’s $1.25 billion acquisition of Hidden Road.

Furthermore, on May 2, Kraken completed its acquisition of the futures trading platform NinjaTrader, a move that would expand the exchange’s customer base and enable it to offer crypto futures and derivatives in the US.

Robinhood has also been on a buying spree. In 2024, the brokerage firm acquired Bitstamp cryptocurrency exchange in a $200 million deal, enabling the app to serve institutional clients in the United States.

On May 7, it was also reported that Robinhood is developing a blockchain network enabling European retail investors to trade US securities.

Notably, WonderFi saw strong performance in 2024, processing 3.57 Canadian dollars billion in trading volume, a 28% increase from the previous year.

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