WonderFi Technologies, a Canadian provider of digital asset products and services, has entered into a definitive agreement with Robinhood Markets, and a wholly owned subsidiary of Robinhood.

Under the agreement, Robinhood’s subsidiary will acquire all issued and outstanding common shares of WonderFi for C$0.36 per share through a statutory plan of arrangement under the Business Corporations Act (British Columbia).

The proposed transaction values WonderFi at approximately C$250 million on a fully diluted, in-the-money basis.

The offer represents a 41% premium to WonderFi’s closing share price on the Toronto Stock Exchange on May 12, and a 71% premium to its 30-day volume-weighted average price.

Bobby Halpern, Executive Chairman of WonderFi, said:

“Through a long and focused effort, WonderFi successfully built one of Canada’s largest registered crypto-trading platforms. This transaction is the culmination of those efforts and the launchpad for Robinhood to democratise finance across Canada. The arrangement provides WonderFi shareholders with all-cash consideration at an attractive premium to our recent trading levels.”

Johann Kerbrat, SVP and General Manager of Robinhood Crypto, added:

“WonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhood’s mission in Canada.”

Robinhood, known for its retail investing platform in the US, intends to finance the transaction with cash on hand.

The company launched its Canadian headquarters in Toronto in 2024 to support infrastructure engineering, citing access to the local tech talent pool.

More than 140 Robinhood employees are currently based in Canada.

WonderFi’s products will remain operational post-acquisition, and its leadership team will continue under Robinhood Crypto.

Employees of WonderFi will also join Robinhood’s Canadian operations.

Featured image credit: Edited by Fintech News America, based on image by PiggyBank via Unsplash