Robinhood Markets has closed its $180 million acquisition of Toronto-based WonderFi, securing a fully regulated entry into Canada’s digital asset sector and absorbing two of the country’s best-known platforms, Bitbuy and Coinsquare.
The deal, finalized Monday after regulatory approvals earlier this year, lifts Robinhood’s non-U.S. customer base to more than 1 million funded accounts, including roughly 300,000 from WonderFi. Shares of Robinhood, listed on Nasdaq, fell 3.8% on the day to $90.73, extending their year-to-date decline to 21.3%.
User migration and platform changes
Under the integration plan, Bitbuy and Coinsquare users will be moved onto the Robinhood app, shifting more than 1.6 million Canadian accounts into a new trading environment.
The transition will introduce a different interface and a flat 0.5% fee per Canadian dollar trade. Market participants will be watching whether Robinhood maintains the breadth of services previously available, including Coinsquare’s lineup of more than 60 cryptocurrencies and Bitbuy’s staking products, which had offered yields of up to 11.57%.
Robinhood said it will also keep WonderFi’s institutional relationships in Canada, aiming to expand its reach among domestic financial firms rather than starting from scratch.
Strategic rationale and market impact
By acquiring WonderFi, Robinhood sidesteps the longer process of building regulatory infrastructure and a user base in Canada. As of early 2024, Bitbuy and Coinsquare held more than C$1.5 billion in client assets under custody, underscoring the scale of the operations being folded into Robinhood.
Canada’s digital asset market generated more than $263 million in revenue in 2025 and is forecast to grow at nearly 20% annually through 2033. The arrival of a large U.S. platform is expected to intensify competition, potentially pressuring domestic rivals to revisit pricing and product features to retain clients.
Part of a wider international push
The WonderFi purchase follows Robinhood’s acquisition of Bitstamp last year, expanding its institutional division and deepening its presence in international digital markets. Together, the deals are intended to reduce reliance on U.S. trading volumes and position the firm as a global player in both retail and institutional crypto services.
Robinhood first outlined its plan to buy WonderFi in May 2025, having labeled Canada a priority growth market for its crypto business. The closing timeline was later extended to complete technical deployment and satisfy regulatory conditions in the new jurisdiction.
Market reaction and outlook
Despite the stock’s negative move on Monday, some analysts remain positive on Robinhood’s longer-term prospects. Mizuho recently raised its price target to $115, pointing to new product launches such as AI-powered trading tools and the build-out of international operations.
In the near term, attention is likely to focus on how smoothly Canadian account migrations proceed, how many users remain active after the transition, and how effectively Robinhood manages differing regulatory frameworks in the U.S. and Canada. Observers will also be watching upcoming earnings calls for signs that management begins treating international operations as a distinct and growing pillar of the business.
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