U.S. online brokerage Robinhood Markets (HOOD) is expanding in Canada with the acquisition of Toronto-based cryptocurrency exchange WonderFi Technologies (WNDR).
Robinhood is paying $250 million ($178.98 million U.S.) to purchase WonderFi. The deal is expected to close by year’s end.
The deal comes as Robinhood looks to expand beyond its home market of America and grow its international footprint.
The all-cash acquisition values WonderFi at $0.36 per share, a 41% premium to its recent close on the Toronto Stock Exchange.
The crypto industry is beginning to rebound under U.S. President Donald Trump, with the price of Bitcoin (BTC) back above $100,000 U.S. and nearing its all-time high of $109,000 U.S.
There have also been several acquisitions in the cryptocurrency sector this year, notably Coinbase Global's $2.9 billion U.S. purchase of Deribit.
Last year, Robinhood struck a $200 million U.S. deal to acquire crypto exchange Bitstamp.
Management at Robinhood has been pursuing user growth through acquisitions and making a deeper push into crypto as it evolves beyond its origins as a stock-trading app.
As a crypto exchange, WonderFi processed over $3.57 billion in trading volumes during 2024, 28% higher than the previous year.
Despite its growth, WonderFi's stock has declined 14% so far in 2025. Since going public in 2022, Wonderfi’s share price has declined 47%.
In announcing the acquisition, Robinhood said WonderFi’s employees will join its workforce, which numbers about 140 people in Canada.
The stock of Robinhood Markets has risen nearly 60% this year to trade at $62.57 U.S. per share.
