Robinhood has expanded into Canada by acquiring WonderFi Technologies in an all-stock deal worth about $180 million, gaining control of the crypto licenses that WonderFi holds in the country and bringing Bitbuy and Coinsquare under the Robinhood umbrella. The move signals a tangible step in Robinhood’s international strategy, adding two of Canada’s largest crypto exchanges to its platform and establishing a Canadian foothold for its crypto offerings.
Robinhood disclosed in a Monday statement that the closing of the acquisition marks its entry into Canada and will see Bitbuy and Coinsquare joined under the Robinhood brand. WonderFi previously disclosed that the two exchanges together generated roughly $49.8 million in revenue in 2025. Johann Kerbrat, the general manager of Robinhood Crypto and International, described WonderFi as an operator with extensive regulatory experience that serves both beginner and advanced users, calling it an ideal partner to accelerate the firm’s Canadian ambitions.
Key takeaways
- Robinhood completes an all-stock purchase of WonderFi valued at $180 million, securing Canada’s crypto licenses and expanding its footprint to Bitbuy and Coinsquare.
- WonderFi’s leadership and staff, including its executive team, will remain with the company as part of the integration, and Robinhood anticipates adding about 300,000 funded customers from WonderFi.
- Canada’s crypto market is growing, with ownership estimated around 4.1% of the population and a 2025 market revenue cited at about $263 million, driven by hardware sales; analysts see Canada as the fastest-growing North American crypto market with a long-run revenue potential exceeding $1 billion by 2033.
- The acquisition follows a previously announced deal in May, set at 36 Canadian cents per WonderFi common share, with WonderFi stock trading in the low-40s to mid-30s Canadian cents range in the prior month.
A Canada-first expansion
The deal positions Robinhood to capitalize on Canada’s regulated crypto landscape, where Bitbuy and Coinsquare operate as two of the country’s largest exchanges. By integrating these platforms, Robinhood aims to offer its broader user base direct access to Canadian crypto markets, while leveraging WonderFi’s established compliance framework to navigate provincial and federal requirements. The acquisition is framed as a strategic step to accelerate Robinhood’s mission in Canada, leveraging WonderFi’s regulatory experience to support both retail investors and more seasoned crypto users.
Assets under one umbrella
Bitbuy and Coinsquare, now aligned with Robinhood through WonderFi, bring a combined scale that Radio suggests positions Robinhood to broaden its Canadian crypto services. WonderFi reported that Bitbuy and Coinsquare generated nearly $49.8 million in 2025 revenue, underscoring the commercial potential of an integrated platform. As part of the acquisition, Robinhood emphasized that these exchanges would operate under its brand, benefiting from its technology, security, and customer ecosystem while continuing to service Canadian customers under existing licenses.
People, customers, and integration paths
Robinhood indicated that WonderFi’s workforce will stay onboard, preserving leadership continuity during the transition. The company also projected a notable user boost, expected to add about 300,000 funded customers from WonderFi’s footprint. This combination of talent retention and customer growth could help Robinhood accelerate product development and regulatory compliance capabilities in a market that remains highly attentive to consumer protections and transparent operations.
Canada’s crypto market: momentum with caveats
Industry data cited in conjunction with the deal points to ongoing Canadian crypto adoption, though at a measured pace. Triple A estimates around 4.1% of Canadians own cryptocurrency, reflecting a broad but still developing market penetration. Grand View Research, in its regional outlook, pegged Canada’s 2025 crypto market revenue at approximately $263 million, driven in part by hardware adoption, and highlighted Canada as the fastest-growing regional market in North America. The firm projects total Canadian crypto revenue could exceed $1 billion by 2033, outlining a long runway for players expanding in the space. These figures frame the acquisition not merely as a strategic brand move but as a bet on a growing yet still evolving market where regulatory clarity and consumer trust remain critical levers of growth.
From Robinhood’s perspective, the Canadian expansion aligns with its broader strategy of building a regulated, user-friendly crypto ecosystem that can scale across borders. By weaving WonderFi’s compliance strengths into its international operations, Robinhood seeks to provide a stable platform that appeals to both new entrants and veteran traders who demand clear rules, reliable custody, and robust security features. The integration also places pressure on local competitors to demonstrate comparable regulatory readiness and customer protection measures, a dynamic that could shape product and pricing strategies across the Canadian market.
The acquisition’s timing also reflects evolving regulatory expectations in Canada, where provincial regulators increasingly emphasize consumer protection, security standards, and transparent disclosures for crypto platforms. While the deal promises expansion and scale, it also heightens scrutiny around cross-border operations, licensing portability, and ongoing compliance costs—factors investors will monitor as the integration unfolds.
In the near term, readers should watch how Robinhood absorbs WonderFi’s onboarding processes, risk controls, and customer support infrastructure into the Canadian framework. The success of the integration will likely hinge on seamless migration of customers, consistent execution of regulatory obligations, and the ability to deliver a cohesive product experience across the Bitbuy and Coinsquare platforms under the Robinhood banner.
Source notes: Robinhood’s press release confirming the Canada entry and the WonderFi acquisition; WonderFi’s disclosures on Bitbuy and Coinsquare revenue; market estimates from Triple A and Grand View Research; historical context on WonderFi’s share-level indicators and deal terms documented in the May agreement.
Readers should stay tuned for updates on the integration timeline, any regulatory milestones, and how the combined platform plans to differentiate itself in a competitive North American crypto landscape.
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