On July 10, 2023, WonderFi Technologies Inc., Coinsquare Ltd., and CoinSmart Financial Inc. completed a three-way business combination, positioning the resulting entity, WonderFi, and its registered operating subsidiaries, to offer one of the largest registered crypto asset trading ecosystems in Canada and to provide a wide range of diversified products and services including both retail and institutional crypto trading, staking products, and B2B crypto payment processing.

Pursuant to the business combination, WonderFi issued 270,920,353 common shares to Coinsquare’s former shareholders for a value of $50.12 million, and 117,924,334 common shares to CoinSmart’s former shareholders for a value of $49.82 million, as well as earn-out rights to earn up to $15 million in the aggregate.

Upon completion of the transaction, existing WonderFi shareholders owned approximately 38 percent of WonderFi, former Coinsquare shareholders owned approximately 43 percent of WonderFi, and former CoinSmart shareholders owned approximately 19 percent of WonderFi. This deal brought over $600 million in assets under custody, more than 1.6 million users under the same roof, and the resulting company has transacted over $17 billion since 2017.