Davies acting for Robinhood, Cassels serving as counsel to WonderFi
Robinhood Markets Inc. has agreed to acquire WonderFi Technologies Inc., one of Canada’s leading registered crypto-trading platforms, in an all-cash transaction valued at approximately $250 million. The deal marks a significant milestone in Robinhood’s international expansion and positions it to play a central role in the Canadian fintech and digital asset landscape.
The acquisition offers WonderFi shareholders a 41 percent premium to the company’s closing price on the Toronto Stock Exchange (TSX) as of May 12, 2025, and a 71 percent premium to its 30-day volume-weighted average trading price (VWAP), highlighting strong investor confidence and a strategic fit between the two companies.
Davies Ward Phillips & Vineberg LLP is acting for Robinhood Markets Inc., assembling a comprehensive team across key practice areas. The M&A team includes Zain Rizvi, Andrew Mihalik, Mathieu Taschereau, Yevgeniya Huggins, Josh Sud, and Jason Stephanian. Elisa Kearney and Umang Khandelwal lead competition matters, while tax advice is provided by Andrew Ellis, Sabina Han, and Claire Balas. The firm also brings in expertise from Shari Cohen (Employment), Chenyang Li (Litigation), Sumeet Dang and Nicholas Di Piano (IP), and Max Jarvie and Gabriel Boulianne Gobeil (Privacy), with Meaghan Kenley supporting as a student.
On the other side, Cassels Brock & Blackwell LLP advises WonderFi. The Cassels team includes Jeff Durno, David Gardos, Evan Low, Thea Lastman, Courtney Wong, Davit Akman, Dragos Flueraru, Danielle DiPardo, Brenda C. Swick, Zahra Nurmohamed, and Jocelyn Arnason, covering all critical aspects of the deal from securities to competition and regulatory matters. Additionally, Mintz LLP is acting as regulatory counsel, and Goodmans LLP is advising WonderFi’s special committee.
Known for revolutionizing retail investing in the United States, Robinhood is now poised to deepen its presence in Canada’s fast-growing fintech and crypto markets. With crypto offerings already live in eligible EU countries, Robinhood continues to build a global financial ecosystem and plans to fund the WonderFi acquisition using cash on hand, a testament to its financial strength and execution capability.
“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,” said Johann Kerbrat, SVP and GM of Robinhood Crypto. “We look forward to partnering with the WonderFi team to deliver innovative, user-centric crypto products to Canadian customers.”
Following the acquisition, WonderFi will continue to operate its existing products, with its leadership team, including CEO Dean Skurka, joining Robinhood Crypto. “We're delighted to be joining the Robinhood team and to super-charge our product offerings for customers,” said Skurka.
More than 140 Robinhood employees are already based in Canada, and the company established its Canadian headquarters in Toronto in 2024 as a tech and infrastructure engineering hub.
“This transaction is the culmination of our long-term efforts and the launchpad for Robinhood to democratize finance across Canada,” said Bobby Halpern, executive chairman of WonderFi. “It provides WonderFi shareholders with compelling value and customers with access to a broader suite of financial tools.”
With strong legal and financial backing and robust integration plans, the deal is expected to close by the second half of 2025, solidifying Robinhood’s stake in the Canadian fintech landscape.
