Robinhood Acquires WonderFi for $180M to Enter Canada Crypto Market

Robinhood closed its $180 million acquisition of Canadian company WonderFi on June 2 and announced its official entry into the Canadian market. The deal brought Bitbuy and Coinsquare, two of Canada's largest crypto exchanges, plus about 300,000 active clients under Robinhood's control. This is Robinhood's first major international acquisition.

Deal Details: A Year in the Making

Robinhood and WonderFi announced the deal in May 2025 at 36 Canadian cents ($0.26) per share. WonderFi's stock traded in the 34-36 Canadian cent range in the month before closing, consistent with the offered price. The final acquisition price came to $180 million.

"WonderFi has 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."

- Johann Kerbrat, General Manager of Robinhood Crypto and International, Robinhood press release, June 2, 2026

The deal transferred four key assets to Robinhood: Bitbuy and Coinsquare with their licenses, about 300,000 funded customer accounts, regulatory approvals across multiple Canadian provinces, and the full WonderFi team including leadership.

Robinhood said it will keep all WonderFi employees. For a US company entering Canada for the first time, retaining the local team is practically essential. They already understand how to work with Canadian regulators and have built working relationships with the relevant authorities. Along with the licenses, Robinhood also acquired years of operational experience and the trust that Bitbuy and Coinsquare built among Canadian users.

WonderFi: Two Exchanges and $49.8M in 2025 Revenue

WonderFi, a Canadian crypto technology company, operates several platforms under one operational structure. Its two largest assets are Bitbuy and Coinsquare, which rank among Canada's oldest and most-used crypto exchanges by client count and trading volume. WonderFi disclosed in March 2026 that combined revenue from the two platforms reached $49.8 million in 2025.

Regulatory licenses represent a large share of the deal's value. Robinhood received ready-made approvals rather than spending years seeking them. Obtaining equivalent permits in Canada takes multiple years, so buying an established licensed operator was the faster path. At $180 million against $49.8 million in 2025 revenue, the acquisition implies a revenue multiple of roughly 3.6x, a moderate valuation for a licensed and profitable operator.

This marks Robinhood's first major international acquisition. The company entered US crypto trading in February 2018. Eight years later, international expansion begins. Canada was the clear first step: geographic proximity and broadly compatible regulatory standards reduce the risk of a first foreign debut.

Canada's Crypto Market: 4.1% Ownership and $1B Revenue by 2033

According to Triple A, 4.1% of Canadians own crypto. Grand View Research valued Canada's crypto market at $263 million in 2025 revenue, named it the fastest-growing regional crypto market in North America, and projects total revenue will surpass $1 billion by 2033. Hardware was the primary revenue driver in 2025.

By current size the market is relatively small, but growth rates and a mature regulatory environment make Canada an attractive target. Unlike many markets where the legal status of crypto exchanges remains unclear, Canada has a clear registration and licensing framework. That reduces regulatory risk for Robinhood compared with entering less defined markets. WonderFi serves about 300,000 clients out of a potentially much larger base of crypto owners in the country, leaving substantial room for organic growth.

WonderFi clients will gain access to Robinhood's product lineup over time. Trading Bitcoin and other cryptocurrencies is already available through Bitbuy and Coinsquare, so the transition for existing users should involve minimal service disruption.

What Comes Next: Ethereum L2 and International Strategy

The Canadian deal is part of a broader shift at Robinhood. In April 2026, the company was selected as broker and initial trustee for Trump Accounts, a new US investment program for children. That expansion into traditional finance is running alongside the crypto side of the business.

Robinhood is also building its own Ethereum Layer 2 network. The public testnet recorded 4 million transactions in its first week. A mainnet launch is planned for later in 2026. CEO Vlad Tenev described this as part of Robinhood's shift from a brokerage to a crypto technology infrastructure company.

The WonderFi acquisition fits a broader 2026 pattern: major US brokers are entering international markets by buying already-licensed local operators. The approach reduces regulatory risk and gets them to market faster than building from scratch. If Canada proves successful, Robinhood's next move could target Europe or Asia. The experience and operational model developed with WonderFi would form the foundation for those expansions.