Robinhood Markets (HOOD), the California-based monetary companies firm, stated Tuesday it agreed to purchase Canadian crypto agency WonderFi (WNDR) for $178.98 million.
The all-cash acquisition values WonderFi at 36 Canadian cents per share, a 41% premium over its closing worth previous to the announcement.
“WonderFi has constructed a formidable household of manufacturers serving newbie and superior crypto customers alike, making them an excellent companion to speed up Robinhood’s mission in Canada,” stated Johann Kerbrat, SVP and GM of Robinhood Crypto, within the official announcement.
Robinhood, a preferred commission-free brokerage platform, has been trying to develop its worldwide footprint for a while and struck a deal to accumulate cryptocurrency alternate Bitstamp final yr.
The newest acquisition will assist it win over Canada-based prospects. Toronto-listed WonderFi owns and operates Bitbuy and Coinsquare, two main home crypto platforms within the Canadian market. Buying and selling volumes on WonderFi elevated 28% to C$3.57 billion in fiscal 2024.
Crypto merger and acquisition exercise has picked up the tempo with the U.S. President Donald Trump adopting a crypto-friendly method. Final Week, Nasdaq-listed Coinbase made a daring wager on digital belongings derivatives phase, buying crypto choices big Deribit in a landmark $2.9 billion deal.
