Robinhood Markets (HOOD), the California-based monetary companies firm, mentioned 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 value previous to the announcement.
“WonderFi has constructed a formidable household of manufacturers serving newbie and superior crypto customers alike, making them a perfect associate to speed up Robinhood’s mission in Canada,” mentioned Johann Kerbrat, SVP and GM of Robinhood Crypto, within the official announcement.
Robinhood, a well-liked commission-free brokerage platform, has been trying to increase its worldwide footprint for a while and struck a deal to accumulate cryptocurrency alternate Bitstamp final 12 months.
The newest acquisition will assist it win over Canada-based clients. 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 property derivatives phase, buying crypto choices large Deribit in a landmark $2.9 billion deal.
