Robinhood has officially closed its acquisition of WonderFi, the Canadian company that owns and operates two of the country's largest regulated crypto exchanges — Bitbuy and Coinsquare. The all-cash deal was valued at approximately $180 million USD (around C$250 million), making it Robinhood's most significant move into international crypto markets to date.
What Robinhood Just Acquired
WonderFi is no mere startup. It is the parent company of Bitbuy and Coinsquare — two of Canada's longest-established and fully licensed crypto trading platforms. Together, they serve more than 1.6 million registered users and hold over C$2.1 billion in assets under custody.
Both platforms will be rebranded under the Robinhood name. WonderFi's employees are joining Robinhood's existing Canadian team of 240 people, based out of the Toronto engineering hub the company opened in 2024.
Why This Deal Matters
Canada is one of the most advanced and regulated crypto markets in North America — it was the first country in the world to approve Bitcoin ETFs. Canada's Investment Regulatory Organization (CIRO) granted final approval for the deal in May, clearing the way for a clean close.
- +300,000 internationally funded customers added overnight, pushing Robinhood's global base past one million
- C$2.1 billion in assets under custody from day one, without waiting for organic growth
- Two already-licensed platforms — no need to navigate Canada's regulatory process from scratch
Robinhood's Broader Crypto Ambition
Over the past few years, Robinhood has been steadily rebranding itself from a millennial stock-trading app into a serious crypto-financial platform. It acquired European exchange Bitstamp for $200 million in 2023 and later launched tokenized securities trading. The Canadian deal is the next major step in that transformation.
The timing is telling: the deal closed on June 1, the same day Bitcoin slipped below $72,000 and U.S. Bitcoin ETF outflows hit record levels. Against a backdrop of market turbulence, Robinhood is clearly playing a long game.
What Comes Next
Bitbuy and Coinsquare customers will soon receive invitations to migrate to the Robinhood app. Company leadership has signaled that Canada is just the first stop in a new wave of international expansion, with analysts pointing to Australia and Singapore as likely next targets.
The deal highlights a broader industry trend: major U.S. brokerages are increasingly buying ready-made crypto infrastructure abroad rather than building it from scratch. In a fast-moving market, time is worth more than money.
