Robinhood acquires WonderFi to enter the Canadian crypto market

Robinhood acquires Canadian crypto technology company WonderFi for $180 million, obtaining licenses and user bases for its two major exchanges, Bitbuy and Coinsquare, and officially entering North America's second-largest crypto market.
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Table of Contents

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• Acquisition details: stock price, user numbers, revenue scale
• Why Canada? The next battleground in North American crypto markets
• What does the Canadian crypto market reveal?
• Robinhood’s crypto strategy overview
• Integration risks and market observation highlights

U.S. crypto trading giant Robinhood is officially expanding internationally, acquiring Canadian-listed crypto tech company WonderFi for USD 180 million (about CAD 240 million). Through its two major exchanges, Bitbuy and Coinsquare, Robinhood quickly gains licenses, user base, and revenue foundation in the Canadian crypto market.

Acquisition details: stock price, user numbers, revenue scale

According to WonderFi’s financial report released in March, Bitbuy and Coinsquare together will reach a combined revenue of $49.8 million by 2025, making them one of the largest crypto exchanges in Canada. The two platforms serve approximately 300k active fund users, and this deal elevates Robinhood almost overnight from a “U.S.-based player” to a “North American dual-country competitor.”

The deal was signed as early as last May, with a per-share price of CAD 0.36 (about USD 0.26). WonderFi’s stock (TSE: WNDR) has fluctuated between CAD 34 and CAD 36 over the past month, indicating market caution regarding the integration progress.

Almost all of WonderFi’s employees and management team will remain, reducing cultural integration friction costs.

Why Canada? The next battleground in North American crypto markets

According to Triple A estimates, about 4.1% of Canadians hold cryptocurrencies, and Grand View Research points out that Canada is the fastest-growing regional market in North America, with revenue reaching USD 263 million in 2025 and expected to surpass USD 1 billion by 2033.

For Robinhood, Canada offers several unique advantages:

• Relatively clear regulatory framework, Canada uses a registered broker-dealer (MI) system, and WonderFi’s platforms already have a solid compliance foundation, so Robinhood doesn’t have to start from scratch
• Mature user habits, with 4.1% of the population holding coins—about 1.4 million crypto investors—and Canadians’ high participation in U.S. stock trading makes them naturally suitable for a “dual-track” stock and crypto user base
• Moderate market size, unlike the highly complex U.S. regulations or Europe’s full-scale MiCA reforms, Canada provides a testing ground and expansion platform

What does the Canadian crypto market reveal?

For Taiwanese crypto investors, Robinhood’s move into Canada reflects a trend in North American crypto markets: exchanges are shifting from “USD-only pricing” to “multi-currency fiat support.” Canada’s established regulatory framework, similar to Taiwan’s evolving crypto exchange regulations, is seeking a set of rules that protect investors without scaring away institutions.

Unlike Taiwan, which still relies on overseas platforms or OTC trading, Canada already has mature listed exchanges (Coinsquare, Bitbuy) testing the waters. If Taiwan’s regulators accelerate their pace, the Canadian model might serve as a reference.

Robinhood’s crypto strategy overview

This acquisition is just one part of Robinhood’s broader crypto landscape. Looking back at the company’s strategic deployment:

• February 2018, entered the U.S. crypto trading market, starting with Bitcoin, Ethereum, and two other coins
• February 2026, launched a testnet for its self-developed Ethereum Layer 2 network, processing 4 million transactions in the first week
• May 2026, announced a $1.5 billion share buyback program
• June 2026, completed the WonderFi acquisition, officially entering Canada

From this timeline, Robinhood’s crypto strategy can be summarized into three main axes: geographic expansion, product deepening, and user base growth.

Risks of integration and market observation points

Although the acquisition size isn’t huge, integration risks cannot be ignored. WonderFi CEO was kidnapped in 2024, indicating that regulatory maturity in Canada’s crypto industry still has room for improvement.

Market observers should focus on:

• Whether WonderFi’s stock (WNDR) can maintain the CAD 34-36 range during integration
• Conversion rate of users migrating from Bitbuy and Coinsquare to Robinhood’s platform
• Whether Canadian crypto regulations will accelerate reforms due to Robinhood’s entry
• Timeline and adoption rate of Robinhood’s Layer 2 network mainnet launch