Robinhood’s $180 million deal to acquire Canadian crypto company WonderFi has cleared its final regulatory stage. The Canadian Investment Regulatory Organization (CIRO) approved the transaction, after which the companies confirmed plans to close it on June 1.
According to WonderFi, the regulator granted approval on May 20 for the company’s subsidiary Coinsquare Capital Markets. This was the last required sign-off needed to complete the deal.
WonderFi is a Toronto-based digital platform that owns several regulated crypto brands, including Bitbuy, Coinsquare, and Bitcoin.ca.
A long road to Canada
The deal was initially expected to close in the second half of 2025. However, the parties extended the timeline so that Robinhood could deploy its own technology infrastructure in Canada and complete all regulatory procedures.
WonderFi shareholders approved the arrangement at a special meeting in July 2025. Four days later, the Supreme Court of British Columbia issued the final court order for the transaction.
Robinhood, the US retail trading platform listed on Nasdaq, announced the WonderFi acquisition in May 2025. The deal became part of the company’s broader strategy to expand into international crypto markets. Analysts said at the time that the acquisition could increase Robinhood’s revenue by around 10%.
Why Robinhood needs a new market
Canada is important for Robinhood as one of the most understandable markets for international expansion. The country already has regulated crypto infrastructure, an active base of retail investors, and demand for simple products for trading digital assets. By acquiring WonderFi, Robinhood does not have to build its presence from scratch and instead gains immediate access to licensed brands such as Bitbuy, Coinsquare, and Bitcoin.ca, as well as a local customer base.
For Robinhood, this is also a way to diversify its business beyond the United States and strengthen its crypto segment amid growing competition. The Canadian market is smaller than the US market, but it can serve as a convenient testing ground for new products, technology localization, and further expansion into other jurisdictions. If the WonderFi integration is successful, the company will gain not only an additional source of revenue but also a stronger position in the global race for retail crypto investors.
As a reminder, in 2023, CoinSmart, WonderFi, and Coinsquare, three Canadian cryptocurrency companies, announced a merger aimed at creating the largest crypto trading platform in Canada.
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