WonderFi’s platforms, Bitbuy and Coinsquare, bolster Robinhood’s international expansion efforts in the crypto market.
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WonderFi’s platforms, Bitbuy and Coinsquare, bolster Robinhood’s international expansion efforts in the crypto market.
Robinhood Markets agreed to buy Canadian crypto firm WonderFi for $178.98 million.
The deal values WonderFi shares at a 41% premium over their previous closing price.
Robinhood Markets (HOOD), the California-based financial services company, said Tuesday it agreed to buy Canadian crypto firm WonderFi (WNDR) for $178.98 million.
The all-cash acquisition values WonderFi at 36 Canadian cents per share, a 41% premium over its closing price prior to the announcement.
“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, in the official announcement.
Robinhood, a popular commission-free brokerage platform, has been looking to expand its international footprint for some time and struck a deal to acquire cryptocurrency exchange Bitstamp last year.
The latest acquisition will help it win over Canada-based customers. Toronto-listed WonderFi owns and operates Bitbuy and Coinsquare, two leading domestic crypto platforms in the Canadian market. Trading volumes on WonderFi increased 28% to C$3.57 billion in fiscal 2024.
Crypto merger and acquisition activity has picked up the pace with the U.S. President Donald Trump adopting a crypto-friendly approach. Last Week, Nasdaq-listed Coinbase made a bold bet on digital assets derivatives segment, acquiring crypto options giant Deribit in a landmark $2.9 billion deal.
