Toronto-based cryptocurrency company WonderFi received the final regulatory approval for its acquisition by US-based trading platform Robinhood Markets.
The news: WonderFi, which owns multiple Canadian cryptocurrency trading platforms, announced on Monday that the Canadian Investment Regulatory Organization (CIRO) approved the deal it signed with Robinhood just over one year ago. The deal is expected to close on June 1.
From the source: WonderFi president and CEO Dean Skurka told BetaKit last year that, with a partner like Robinhood, “there’s a really big opportunity to accelerate our growth plans and have a really big impact on this country over the coming years.”
Following the thread: Initially set to close in the latter half of 2025, WonderFi announced in October that the deal’s closing was delayed until the first half of 2026. By closing on June 1, WonderFi manages to just barely stay within that deadline.
WonderFi said it needed more time to secure regulatory approval. However, the company was also reporting widening losses in its earnings calls, and one of its loudest detracting shareholders, Vancouver-based Mogo, sold half its WonderFi shares at a discount to the sale price.
Shareholder confidence waned over time. Despite Robinhood promising to purchase every share for $0.36 CAD apiece in cash, WonderFi shares on the Toronto Stock Exchange were trading as low as $0.25 by November 2025. Now, Robinhood is buying all issued and outstanding common shares of WonderFi for approximately $250 million CAD. WonderFi’s leadership and entire 115-person team will join Robinhood Crypto’s Canadian workforce.
Final thought: In addition to crypto trading, Robinhood’s platform offers stock trading and prediction markets, an offering that Canadian firms Wealthsimple and Questrade are exploring. When BetaKit spoke with Robinhood Crypto SVP Johann Kerbrat last year, he said the plan was to use acquisition “as a foundation to slowly expand” its product in Canada. A full rollout of Robinhood’s product suite in Canada would put it in direct competition with several homegrown offerings, including Wealthsimple and Questrade.
Disclosure: Wealthsimple vice-president of payments strategy and chief compliance officer, Hanna Zaidi, sits on BetaKit’s board of directors.
Feature image courtesy WonderFi.