Robinhood Expands Into Canada With $180M WonderFi Acquisition Amid Legal and Regulatory Scrutiny

May 31, 2026

Robinhood is entering the Canadian market by acquiring crypto firm WonderFi for $180 million in stock. The deal gives Robinhood control of exchanges Bitbuy and Coinsquare, along with their 300,000 funded customers and local regulatory approvals. This expansion occurs as Robinhood faces legal scrutiny in the U.S., with the Supreme Court considering whether to hear the company's appeal in a class-action lawsuit over its 2021 IPO disclosures.

WonderFi acquisition completion

▪The acquisition agreement was first made in May at a price of 36 Canadian cents ($0.26) per common share.
▪The acquisition marks Robinhood's entry into the Canadian market and includes WonderFi’s licenses and regulatory approvals.
▪Stock and crypto trading platform Robinhood has acquired Canadian crypto technology company WonderFi for $180 million in stock.

Canadian crypto market size

▪Canada is considered the fastest-growing regional crypto market in North America.
▪Analytics firm Grand View Research projects Canada's crypto market revenue will surpass $1 billion by 2033.
▪The Canadian crypto market generated approximately $263 million in revenue in 2025, primarily driven by hardware.

Bitbuy Coinsquare exchanges

▪Through the WonderFi acquisition, Robinhood now owns Canadian crypto exchanges Bitbuy and Coinsquare.
▪In 2025, the Bitbuy and Coinsquare platforms generated a combined revenue of $49.8 million.

Robinhood layer-2 network

▪The lawsuit alleges Robinhood misled investors by not disclosing its reliance on trading in meme stocks and Dogecoin.
▪A U.S. District Court dismissed the lawsuit in 2024, but the 9th U.S. Circuit Court of Appeals revived it in 2025.
▪The U.S. Supreme Court is considering Robinhood's appeal to shut down a class-action lawsuit concerning its 2021 IPO.

WonderFi customer base transfer

▪WonderFi’s employees and leadership team will remain with the company as part of the deal with Robinhood.
▪Robinhood expects to gain approximately 300,000 funded customers from the WonderFi acquisition.