Robinhood Buys WonderFi in $179 Million Deal to Expand Crypto Reach

Published 7 hours agoHOOD

Robinhood Buys WonderFi in $179 Million Deal to Expand Crypto Reach

Robinhood Markets has announced a significant expansion into the Canadian cryptocurrency market by acquiring WonderFi Technologies in an all-cash deal valued at C$250 million, or approximately $179 million. This strategic move prices WonderFi at C$0.36 per share, marking a 41% premium compared to its previous closing share price. According to Reuters, with this acquisition, Robinhood aims to fortify its international footprint and deepen its involvement in the burgeoning cryptocurrency sector.

WonderFi, known for its popular platforms Bitbuy and Coinsquare, has shown impressive growth, processing over C$3.57 billion in trading volumes during fiscal year 2024—an increase of 28% from the prior year. This performance highlights the potential Robinhood sees in leveraging WonderFi's existing operations to capture a larger share of the crypto trading market in Canada. Despite the challenges and volatility often associated with cryptocurrencies, companies continue to see value in expanding their services to meet growing demand.

In line with the acquisition, Robinhood plans to integrate WonderFi’s entire team into its Canadian operations, which already employs more than 140 people. This acquisition reflects a broader trend of increased activity in the crypto space, demonstrated by other significant deals such as Coinbase's $2.9 billion purchase of Deribit and Ripple's $1.25 billion acquisition of Hidden Road. By absorbing WonderFi, Robinhood positions itself to better serve its existing and new customer base in a competitive and quickly evolving market.

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