TheBlock
Robinhood's C$250 million (roughly $180 million) acquisition of Toronto-based digital asset platform WonderFi cleared its final regulatory hurdle on May 20 after the Canadian Investment Regulatory Organization approved the deal for WonderFi's subsidiary Coinsquare Capital Markets.
CIRO's nod was the last sign-off required, with both companies now targeting a June 1 close, WonderFi said in a Monday press release. The deal was originally expected to close in the second half of 2025, but the parties extended the deadline so Robinhood could deploy its proprietary trading technology in Canada and complete the regulatory review. WonderFi shareholders approved the arrangement at a special meeting in July 2025, with a final court order from the Supreme Court of British Columbia following four days later.
Why it matters
WonderFi is a regulated on-ramp into the Canadian crypto market — it owns Bitbuy, Coinsquare, and Bitcoin.ca, giving Robinhood instant access to a registered trading venue, custody infrastructure, and a domestic user base it would otherwise have had to build from scratch. Robinhood announced the deal in May 2025 as part of a broader international expansion, and analysts said at announcement the transaction could lift Robinhood's revenue by as much as 10%. A successful close converts a year of regulatory patience into a real foothold in the second-largest North American retail crypto market.
Market impact
The C$250 million price tag is small relative to Robinhood's market cap but the strategic value sits in the licence stack — CIRO approval transfers a regulated Canadian perimeter that takes years and tens of millions to build organically. Watch for the June 1 close confirmation as the catalyst; the bigger market read will be whether Robinhood layers USDC, staking, or its prediction-market product on top of the Canadian books in the following quarters.
Frequently asked questions
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What did CIRO approve in the Robinhood-WonderFi deal?
The Canadian Investment Regulatory Organization approved WonderFi's subsidiary Coinsquare Capital Markets on May 20, the final regulatory sign-off needed before the acquisition could close.
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When will the Robinhood WonderFi deal close?
Both companies are targeting a June 1 close, after extending an earlier H2 2025 timeline to allow Robinhood to deploy its proprietary trading technology in Canada and complete the regulatory review.
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What assets does WonderFi own?
WonderFi is a Toronto-based digital asset platform that owns regulated crypto brands including Bitbuy, Coinsquare, and Bitcoin.ca.
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How much is Robinhood paying for WonderFi?
Robinhood is paying C$250 million, approximately $180 million, for WonderFi. The deal was announced in May 2025.
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How much could the WonderFi deal boost Robinhood's revenue?
Analysts said at announcement the acquisition could lift Robinhood's revenue by as much as 10%, though that estimate has not been updated since the deal's pricing in May 2025.
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