Robinhood's $180M WonderFi Deal Marks Canadian Market Entry
Through a $180 million WonderFi purchase, Robinhood has made its debut in Canada's cryptocurrency sector, acquiring control of prominent local exchanges Bitbuy and Coinsquare.
Following the completion of a $180 million stock purchase of WonderFi, a Canadian cryptocurrency technology firm, the stock and crypto trading platform Robinhood has made its official entry into the Canadian marketplace, securing the company's regulatory licenses and approvals required to operate in the country.
The acquisition's closure was announced by Robinhood on Monday, representing the platform's inaugural expansion into Canada and bringing crypto trading platforms Bitbuy and Coinsquare under Robinhood's corporate umbrella.
Among the largest cryptocurrency trading platforms operating in Canada, Bitbuy and Coinsquare stand out as major players. According to WonderFi's March disclosure, the two platforms collectively produced revenue totaling $49.8 million throughout 2025.
In a released statement, Johann Kerbrat, who serves as general manager for Robinhood Crypto and International, remarked that WonderFi possesses "extensive experience operating regulated crypto platforms that serve beginner and advanced crypto users alike, making it an ideal partner to accelerate Robinhood's mission in Canada."
According to estimates from cryptocurrency payments company Triple A, approximately 4.1% of the Canadian population currently holds cryptocurrency, while analytics and consulting firm Grand View Research projected that Canada's crypto market produced approximately $263 million in revenue during 2025, with hardware serving as the primary driver. The same firm identified Canada as North America's most rapidly expanding regional crypto market and forecasts that total revenue figures will exceed $1 billion by the year 2033.
According to Robinhood's announcement, the entire employee base of WonderFi, leadership team included, will remain with the organization as part of the acquisition agreement. The company also anticipates acquiring approximately 300,000 funded customer accounts from WonderFi's existing user base.
The initial agreement between WonderFi and Robinhood was established last May, with pricing set at 36 Canadian cents for each common share ($0.26). Based on Google Finance data, WonderFi's stock price has fluctuated within a range of 34 to 36 Canadian cents over the past month.
Robinhood made its initial foray into the United States crypto trading marketplace in February 2018. More recently, in April, the company was selected to function as the brokerage and initial trustee for Trump Accounts, a newly introduced tax-advantaged investment account program designed for children.
Additionally, the company introduced an Ethereum layer-2 network on a testnet platform in February, with intentions to launch the mainnet version later in the current year. According to Robinhood CEO Vlad Tenev, the network successfully processed 4 million transactions during its initial week of public testnet operations.