Robinhood Agrees to Acquire WonderFi for $179 Million
Robinhood Markets (HOOD) announced its acquisition of Canadian crypto firm WonderFi (WNDR) for $178.98 million. Key points include:
- The acquisition values WonderFi at 36 Canadian cents per share, a 41% premium over the previous closing price.
- WonderFi operates Bitbuy and Coinsquare, major platforms in Canada, with trading volumes increasing 28% to C$3.57 billion in fiscal 2024.
- This move aligns with Robinhood's strategy to expand internationally after acquiring cryptocurrency exchange Bitstamp last year.
- Crypto M&A activity is rising, highlighted by Coinbase's recent $2.9 billion acquisition of Deribit.