Robinhood Enters Canadian Market Through $180M Acquisition of WonderFi

Stock and crypto trading platform Robinhood has entered the Canadian market after closing a $180 million stock acquisition of local crypto technology company WonderFi, gaining the company’s licenses and regulatory approvals in the country.

Robinhood said on Monday that the acquisition marks the platform's entry into Canada and will see crypto exchanges Bitbuy and Coinsquare come under the company’s banner.

Bitbuy and Coinsquare are among Canada's largest crypto exchanges. WonderFi disclosed in March that the platforms generated combined revenue of $49.8 million in 2025.

Johann Kerbrat, the general manager of Robinhood Crypto and International, said in a statement that 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.”

Source: Vlad Tenev

Crypto payments company Triple A estimated that roughly 4.1% of Canadians own crypto, while the analytics and consulting firm Grand View Research estimated that the Canadian crypto market generated around $263 million in revenue in 2025, driven by hardware. The firm also said Canada is the fastest-growing regional market in North America and projects total revenue will surpass $1 billion by 2033.

Robinhood said WonderFi’s employees, including the leadership team, will stay on as part of the deal. It also expects to gain about 300,000 funded customers from WonderFi.

Related: Robinhood announces $1.5B share buyback as stock struggles in 2026

WonderFi and Robinhood first entered into an agreement last May at 36 Canadian cents per common share ($0.26). WonderFi’s stock has been drifting between 34 and 36 Canadian cents for the last month, according to Google Finance.

Robinhood entered the US crypto trading market in February 2018. In April, the company was tapped to serve as brokerage and initial trustee for Trump Accounts, a new tax-advantaged investment account program for children.

The company also launched an Ethereum layer-2 network on a testnet in February with plans for a mainnet launch later this year. Robinhood CEO Vlad Tenev said the network processed 4 million transactions in its first week of public testnet activity.