Robinhood Markets, Inc. has announced its agreement to acquire Canadian cryptocurrency platform WonderFi Technologies Inc. in a CA$250 million (US$178.9 million) all-cash transaction. This strategic move strengthens Robinhood’s global footprint and marks a major expansion of its crypto operations in Canada. The deal is being facilitated by four leading law firms, reinforcing its complexity and high-profile nature.
Under the terms of the agreement, WonderFi shareholders will receive CA$0.36 per share, reflecting a 41% premium over the company’s closing share price on the Toronto Stock Exchange (TSX) prior to the announcement. Upon completion of the acquisition, WonderFi is expected to delist from the TSX.
The 4 firms involved in the transaction include:
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Goodmans LLP – advising WonderFi’s special committee
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Cassels Brock & Blackwell LLP – acting as WonderFi’s legal counsel
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Mintz LLP – serving as regulatory counsel to WonderFi
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Davies Ward Phillips & Vineberg LLP – representing Robinhood as legal counsel
“WonderFi has built a formidable family of brands serving both beginner and advanced crypto users, making them an ideal partner to accelerate Robinhood’s mission in Canada,” said Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto. “We are excited to join forces to bring innovative, user-focused crypto solutions to Canadian customers.”
WonderFi currently holds over CA$2.1 billion in client assets and operates leading Canadian crypto brands Bitbuy, Coinsquare, and SmartPay. Following the acquisition, WonderFi’s full suite of products will remain operational, and its 140 employees, along with its leadership team, will transition to Robinhood Crypto.
“Through years of strategic effort, WonderFi became one of Canada’s largest registered crypto-trading platforms,” said Bobby Halpern, Executive Chairman of WonderFi. “This transaction not only rewards our shareholders with significant value but also serves as a launchpad for Robinhood to expand its mission of democratizing finance throughout Canada.”
The $178.9M Canadian Crypto Buy, supported by four powerhouse law firms, positions Robinhood to deliver more accessible, secure, and innovative crypto trading experiences to millions of Canadians.
