Robinhood Markets closed its acquisition of Toronto-listed WonderFi Technologies on Monday, taking direct control of Canada’s two longest-running regulated crypto platforms, Bitbuy and Coinsquare, and entering the Canadian market without building a single line of new product code.

The all-cash deal values WonderFi at C$0.36 per share, or roughly C$250 million on a fully diluted basis — about $180 million at the May 2025 announcement exchange rate. With the close, Robinhood says its international customer base crosses 1 million for the first time, up roughly 300,000 from the WonderFi books alone. WonderFi shares are slated to be de-listed from the Toronto Stock Exchange on or about the close of trading on June 2.

The transaction is the second leg of Robinhood’s M&A-led push outside the United States, after its $200 million Bitstamp acquisition closed in 2025 brought it institutional crypto and a European footprint. The Canada move skips the organic-build playbook competitors such as Coinbase ran in the country, and lands Robinhood directly in retail competition with Wealthsimple and Questrade.

Deal Mechanics

Robinhood executed the buyout through a wholly-owned subsidiary, Wrangler Holdings Inc., under a statutory plan of arrangement in the *Business Corporations Act* (British Columbia).

The arrangement was announced May 13, 2025, at a 41% premium to WonderFi’s prior close and a 71% premium to the 30-day VWAP. Shareholders approved it that July, with a final order from the Supreme Court of British Columbia issued July 21, 2025.

The original close was targeted for the second half of 2025 but slipped while WonderFi worked through the final regulatory clearance: Canadian Investment Regulatory Organization sign-off on the transfer of control of Coinsquare Capital Markets Ltd., WonderFi’s restricted-dealer subsidiary. CIRO approved the transfer May 20, 2026. WonderFi shares traded as low as C$0.25 during the delay — below the C$0.36 cash consideration — as confidence in the arbitrage softened.

What Changes for WonderFi Customers

WonderFi’s regulated platforms will be folded into the Robinhood brand, with Canadian customers invited to download the Robinhood app to access a flat 0.5% fee per CAD trade. WonderFi’s 115-person team and its leadership, including president and chief executive officer Dean Skurka, are joining Robinhood Crypto under Johann Kerbrat, the senior vice president and general manager of Robinhood Crypto and International.

“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,” Kerbrat said in the Robinhood newsroom statement. WonderFi has also been an institutional counterparty to several Canadian firms; Robinhood says it will continue those relationships, layering them onto the global institutional book built through Bitstamp.

Robinhood’s Canada Footprint

Robinhood opened its Canadian headquarters in Toronto in 2024 as an engineering hub, and by the close had more than 240 employees on the ground — a roster that now grows by the entire 115-person WonderFi team.

The acquisition gives the company a regulated retail crypto channel in Canada onto which it can layer the rest of its product stack — equities, options, futures and prediction markets — over time. Chief executive officer Vlad Tenev’s team flagged a midyear Canada launch on Robinhood’s Q1 2026 earnings call in April; the close lands inside that window.

What’s Not Locked In

Robinhood has not disclosed a migration timeline for moving WonderFi customers from the legacy Bitbuy and Coinsquare apps onto the Robinhood app, a rollout schedule for non-crypto products in Canada, or how WonderFi’s C$2.1 billion in client assets under custody — the figure disclosed at the original agreement — will be re-platformed.

The 300,000-customer figure is described in the Robinhood release as “funded customers from WonderFi”; active monthly users and per-customer balances under the new ownership have not been broken out.