Toronto cryptocurrency company WonderFi has announced that its sale to United States trading platform Robinhood Markets now isn’t expected to be complete until the first half of 2026.
The deal Robinhood struck this May to purchase Toronto Stock Exchange-listed WonderFi for $250 million CAD in cash was initially poised to close during the last six months of 2025.
“We remain committed to completing this transaction as soon as possible and are working expeditiously to do so.”
Dean Skurka,
WonderFi
Speaking at the time about whether Robinhood had designs to roll out its broader suite of offerings in Canada, Robinhood Crypto senior vice-president Johann Kerbrat told BetaKit that “no plans” were set, but added that the Nasdaq-listed FinTech company would “expect in the future to develop our offering” in the country.
WonderFi attributed the delay of its sale to additional development work and regulatory approval required for Robinhood to deploy its proprietary tech across WonderFi’s platforms.
WonderFi CEO Dean Skurka said in a statement that the company is pleased with its active collaboration with Robinhood. “We remain committed to completing this transaction as soon as possible and are working expeditiously to do so,” he wrote.
BetaKit has reached out to WonderFi for additional comment regarding the delayed closing.
WonderFi’s leadership and entire 115-person team are set to join Robinhood Crypto’s Canadian workforce and continue to oversee its existing products as part of the deal. Robinhood, which established a Canadian headquarters in Toronto in 2024, told BetaKit earlier this year that it employs 140 people in Canada.
WonderFi has already obtained shareholder and warrant holder approvals, a no-action letter from the Canadian Competition Bureau, and a final order from the Supreme Court of British Columbia supporting the transaction.
RELATED: WonderFi Q2 earnings show widening losses ahead of Robinhood takeover
According to The Logic, this deal came despite internal strife at WonderFi that included competing bids, hefty fees, and seven-figure payouts to dissenting investors that have raised concerns about the WonderFi board’s process and governance.
WonderFi will keep operating its products following the acquisition. Since 2022, WonderFi or its subsidiaries have either wholly acquired or purchased assets from a slew of crypto trading platforms, including Bitbuy, Bitvo, Bitstamp, Coinsquare, CoinSmart, and Coinberry, and has consolidated them under the Bitbuy and Coinsquare brands.
Today, Bitbuy and Coinsquare are two of Canada’s most popular regulated crypto exchanges, and WonderFi holds more than $1.9 billion in client assets under custody. Earlier this year, WonderFi ceased operating its crypto payments processing division SmartPay and divested from Calgary-based crypto custodian Tetra Trust.
WonderFi posted widening losses during the second quarter that it attributed to “challenging” crypto market conditions and closing costs.
Feature image courtesy WonderFi.