Mentioned:
Robinhood has become one of the most dominant brokerages in America for trading stocks and digital assets. And they’re coming after Canada next.
What’s happening:
- Robinhood (NASDAQ: HOOD) has announced they will acquire Canadian crypto company WonderFi (TSX: WNDR) for $250M CAD
By the numbers:
- WonderFi’s two trading exchange businesses Bitbuy and Coinsquare have more than $2B CAD in combined assets
- Robinhood will pay a 41% premium to the most recent closing price of WonderFi’s shares
- The $250M CAD acquisition purchase of WonderFi will be paid out in an all cash deal
Why it matters:
- This is the first time that Robinhood has ever acquired a digital asset company that is focused on operating within Canada
Going deeper:
- Robinhood’s digital asset business has continued to explode, previously making waves when their total revenue from crypto trading surged by more than 700% year over year
The intrigue:
- Robinhood has also been aggressively making moves to expand their platform and operations, including recently rolling out prediction markets and even unveiling new plans to disrupt traditional ATMs
