Robinhood Markets Inc. agreed to acquire WonderFi Technologies Inc., the operator of two Canadian cryptocurrency platforms, for about $250 million (US$179 million) in cash.
The fintech will purchase all of WonderFi’s issued and outstanding common shares for 36 cents apiece, 41 per cent higher than the closing price Monday, according to a statement Tuesday. WonderFi has more than $2.1 billion in assets under custody.
WonderFi’s crypto offerings will help Robinhood bring Canadians greater access to crypto trading, the companies said in the statement. Menlo Park, California-based Robinhood, best known for its retail investing services, has been expanding globally, and said late last year that it was starting operations in Asia.
Robinhood, which established its Canadian headquarters in Toronto in 2024 as an infrastructure engineering hub, said WonderFi employees will join the firm’s 140 current workers in Canada. The purchase is expected to be completed in the second half of this year.
“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,” Johann Kerbrat, senior vice president and general manager of Robinhood’s crypto business, said in the statement.
WonderFi’s Chief Executive Officer, Dean Skurka, was kidnapped last year and held for ransom, CBC reported in November. He was released after a ransom of US$1 million was paid, according to the report, which cited a source close to the investigation.
Paige Smith, Bloomberg News
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