Robinhood has secured final Canadian regulatory approval for its planned acquisition of WonderFi, allowing the C$250 million deal to move toward a June 1 closing date.
Summary
- Robinhood has received final Canadian regulatory approval for its C$250 million acquisition of WonderFi, with both companies targeting a June 1 close.
- WonderFi’s regulated crypto businesses, including Bitbuy and Coinsquare, are set to become part of Robinhood’s expanding international crypto operations.
- The approval comes weeks after Robinhood reported a 47% decline in quarterly crypto revenue and the departure of Robinhood Crypto COO Tanya Denisova.
According to WonderFi’s press release issued on Monday, the Canadian Investment Regulatory Organization approved WonderFi subsidiary Coinsquare Capital Markets on May 20, completing the last remaining condition tied to the acquisition.
Toronto-based WonderFi operates several regulated crypto businesses in Canada, including Bitbuy, Coinsquare, and Bitcoin.ca. Once the transaction closes, Robinhood will gain access to a regulated crypto trading network already established in the Canadian market.
Back in May 2025, Robinhood announced plans to acquire WonderFi as part of its international crypto expansion strategy. Analysts covering the deal at the time said the acquisition could add as much as 10% to Robinhood’s revenue.
Although both firms had initially expected the transaction to close during the second half of 2025, the deadline was later extended. WonderFi said the additional time allowed Robinhood to complete regulatory approvals and prepare its own trading technology for deployment in Canada.
Earlier steps in the approval process had already been completed months before the latest regulatory clearance. WonderFi shareholders voted in favor of the arrangement during a special meeting held in July 2025, while the Supreme Court of British Columbia issued its final court order four days later.
Robinhood moves ahead with crypto expansion after revenue decline
The Canadian approval arrives less than two weeks after reports emerged that Robinhood Crypto chief operating officer Tanya Denisova was leaving the company after more than five years in the role.
According to people familiar with the matter cited in earlier reports, neither Denisova nor Robinhood publicly commented on the departure, and no replacement has been announced.
During Denisova’s tenure, Robinhood introduced commission-free crypto trading, digital wallets, and staking products. The company also completed its acquisition of Bitstamp in 2025, a move that expanded its institutional and overseas crypto operations.
At the same time, Robinhood’s crypto business has faced pressure from weaker trading activity. The company reported $134 million in crypto revenue for Q1 2026, down 47% from $252 million a year earlier. According to Morningstar, crypto trading became a “particular pressure point” in the quarter after retail participation weakened and Bitcoin spent much of the period below $80,000.
Even with the drop in crypto revenue, Robinhood said total net revenue rose 15% year over year to $1.07 billion in Q1 2026.
As previously reported by crypto.news, the platform handled roughly $25 billion in monthly crypto trading volume during the opening months of 2026, although revenue generated from that activity declined compared with the previous year.
Robinhood shares were down 3% at the time of publication.
Robhinhood shares. Source: Google Finance.
