Robinhood has completed its $180 million acquisition of Canadian crypto platform operator WonderFi, officially entering the Canadian crypto market. The company disclosed that the deal brings Canadian trading platforms Bitbuy and Coinsquare into its business, and adds approximately 300,000 liquidated accounts.

Take over two platforms after the transaction was completed

This deal had been under review for several months. WonderFi stated in May that the Canadian investment regulator had approved its subsidiary, Coinsquare Capital Markets, fulfilling the final conditions required to complete the acquisition.

Robinhood stated that WonderFi employees and the management team will remain with the company after the transaction is completed. For Robinhood, this acquisition not only brings an existing user base but also provides a regulated business location in Canada.

WonderFi's revenue approached $50 million last year.

WonderFi previously disclosed that Bitbuy and Coinsquare generated a combined $49.8 million in revenue in 2025. Both platforms are among the largest digital asset exchanges in Canada and are significant players in the local compliant crypto market.

Robinhood first announced the acquisition in May 2025, valuing the deal at approximately CAD 250 million. The two companies initially expected to close the deal in the second half of 2025, but this was later delayed to allow Robinhood to meet regulatory requirements and deploy transaction infrastructure in the Canadian market.

Crypto revenue declined year-over-year, but continued to expand.

This Canadian expansion comes at a time when Robinhood's crypto revenue is declining. The company's crypto revenue in the first quarter of this year was $134 million, down from $252 million in the same period last year.

However, Robinhood's total net revenue for the first quarter still reached $1.07 billion, a year-over-year increase of 15%. In addition to acquisitions, the company has also been continuing to advance new products and infrastructure development, including launching transaction and credit card services that can connect to AI agents, and launching the Ethereum Layer 2 public testnet in February, with plans to launch the mainnet later this year.

Additional information:Shortly before this acquisition was completed, Robinhood Crypto's Chief Operating Officer, Tanya Denisova, had left the company. During her tenure, Robinhood launched commission-free crypto trading, digital wallets, staking products, and completed its acquisition of Bitstamp in 2025.