Robinhood is buying WonderFi Technologies for $180 million, marking its first big push into Canadian crypto. The deal adds two regulated exchanges — Bitbuy and Coinsquare — to Robinhood's portfolio, giving the US trading app a ready-made base in a market where competitors like Coinbase and Binance have already planted flags.
Why Canada now
Canada has become a logical expansion target for US crypto firms. The country has a clear licensing framework under provincial and federal regulators — less patchwork than US state-by-state rules — and a relatively concentrated set of licensed exchanges. WonderFi owned two of the bigger ones: Bitbuy, which launched in 2018, and Coinsquare, which has been around since 2014. Together they cover retail and institutional clients.
Robinhood doesn't have to start from scratch. It inherits existing users, compliance systems, and relationships with Canadian banks and payment rails. For $180 million — a fraction of what a regulatory buildout might cost — it buys a live operation.
What's in the deal
Robinhood is paying for WonderFi in a mix of cash and stock, though the exact split wasn't disclosed in the announcement. WonderFi shareholders will get roughly 0.215 Robinhood shares per WonderFi share, plus a cash component. The deal values WonderFi at a premium to its recent trading price.
Bitbuy and Coinsquare will continue operating under their own brands for now. Robinhood hasn't said whether it plans to rebrand them or eventually fold them into its main app. The company said the exchanges' management teams are expected to stay on.
A regulated route
Both Bitbuy and Coinsquare hold restricted dealer licenses from the Canadian Securities Administrators — a critical point. Canada cracked down on unregistered crypto platforms last year, forcing several offshore exchanges to exit the market. Robinhood avoids that headache by buying companies that are already on the right side of regulators.
The timing isn't accidental. Canada's regulatory clarity has drawn investment from other US firms last year; now Robinhood is following the same playbook. The acquisition still requires approval from Canadian regulators and WonderFi shareholders, but no major hurdles are expected.
The deal is expected to close in the third quarter of 2026. Until then, Bitbuy and Coinsquare operate as they always have — just with a new parent company waiting in the wings.
