Robinhood completes Canadian crypto expansion through $180M WonderFi buyout

Robinhood has completed its $180 million acquisition of WonderFi and entered the Canadian crypto market with access to roughly 300,000 funded customer accounts and two of the country’s largest digital asset trading platforms.

According to Robinhood’s announcement on Monday, the transaction brings Canadian crypto exchanges Bitbuy and Coinsquare into the company’s operations after the stock-based acquisition of Toronto-headquartered WonderFi.

The deal follows months of regulatory approvals. In May, WonderFi said the Canadian Investment Regulatory Organization had approved subsidiary Coinsquare Capital Markets, satisfying the final condition required for the acquisition to close. 

WonderFi shareholders had already approved the arrangement in July 2025, while the Supreme Court of British Columbia later issued a final court order supporting the transaction.

Robinhood said WonderFi’s employees, including its leadership team, will remain with the business after the acquisition closes. The company added that the purchase provides an established regulatory footprint in Canada as it continues expanding its international crypto operations.

“WonderFi’s 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, said in a statement.

WonderFi disclosed in March that Bitbuy and Coinsquare generated a combined $49.8 million in revenue during 2025. The two platforms rank among Canada’s largest crypto exchanges and have become key pieces of the country’s regulated digital asset market.

Canada becomes Robinhood’s latest crypto expansion market

Robinhood first announced plans to acquire WonderFi in May 2025 through a transaction valued at approximately C$250 million. At the time, analysts covering the deal said the acquisition could contribute up to 10% to Robinhood’s revenue. 

Although both companies initially expected the transaction to close during the second half of 2025, WonderFi later said the timeline was extended to allow Robinhood to complete regulatory requirements and prepare its trading infrastructure for deployment in Canada.

Recent expansion efforts have extended beyond acquisitions. Late last month, Robinhood introduced Agentic Trading and an Agentic Credit Card service that allows customers to connect AI agents to dedicated trading and spending accounts. 

Robinhood said the system keeps AI agents separate from customers’ primary portfolios and financial accounts while allowing automated actions within user-defined limits.

Elsewhere in its crypto business, Robinhood has continued investing in blockchain infrastructure. The company launched an Ethereum layer-2 network on a public testnet in February and plans a mainnet rollout later this year.

The Canadian expansion arrives during a period of weaker crypto revenue for Robinhood. The company reported $134 million in crypto revenue for the first quarter of 2026, down from $252 million a year earlier. 

However, Robinhood reported total net revenue of $1.07 billion in the first quarter, up 15% from the previous year.

The acquisition also comes shortly after the departure of Robinhood Crypto chief operating officer Tanya Denisova. Denisova left the company after more than five years in the role. During her tenure, Robinhood launched commission-free crypto trading, digital wallets, staking products, and completed its acquisition of Bitstamp in 2025.