Robinhood Wins Final Canadian OK for C$250M WonderFi Deal

Robinhood secured final Canadian regulatory approval on May 20 from the Canadian Investment Regulatory Organization for Coinsquare Capital Markets, clearing the last regulatory hurdle for its C$250 million (about $180 million) acquisition of WonderFi. Both companies are targeting a June 1 closing, WonderFi announced in a press release.

The CIRO approval applies to Coinsquare Capital Markets, a regulated subsidiary of Toronto-based WonderFi. WonderFi operates regulated crypto brands including Bitbuy, Coinsquare and Bitcoin.ca.

Robinhood first announced the agreement in May 2025 as part of an effort to expand its international crypto operations. The parties extended an original closing timetable from the second half of 2025 to give Robinhood time to deploy its technology in Canada and to complete additional regulatory clearances.

Shareholders of WonderFi approved the arrangement at a special meeting in July 2025, followed by a final court order from the Supreme Court of British Columbia four days later.

Robinhood, listed on Nasdaq, will pay C$250 million in a combination of cash and stock. At the time of the deal announcement, some analysts estimated the acquisition could raise Robinhood's revenue by up to about 10 percent by adding regulated Canadian crypto operations and customers.

The CIRO approval permits Coinsquare Capital Markets to operate under the Canadian regulatory framework required for the transfer, which covers oversight of trading and capital markets services. The transaction adds regulated Canadian infrastructure and local market presence, including the Coinsquare trading venue, to Robinhood's crypto operations.

The deal follows a pattern of fintech firms acquiring regulated crypto businesses to gain local market access. If the transaction closes as planned on June 1, WonderFi's regulated Canadian brands will join Robinhood's global crypto business.