Robinhood has obtained final regulatory clearance from Canadian authorities for its planned C$250 million acquisition of WonderFi, with both companies targeting a June 1 closing date.
All Conditions Met, Shareholders and Court Already Signed Off
According to WonderFi’s press release on Monday, the Canadian Investment Regulatory Organization approved WonderFi subsidiary Coinsquare Capital Markets on May 20, fulfilling the last condition tied to the deal. Toronto-based WonderFi runs several regulated crypto businesses in Canada, including Bitbuy, Coinsquare, and Bitcoin.ca. Once closed, Robinhood will gain a ready-made regulated crypto trading network in the Canadian market.
Robinhood first announced the acquisition in May 2025 as part of its international crypto expansion. Analysts covering the deal at the time estimated it could add as much as 10% to Robinhood’s revenue. The original timeline targeted completion in the second half of 2025, but was later extended as Robinhood worked through regulatory approvals and prepared its own trading tech for Canada. WonderFi shareholders voted in favor of the arrangement in July 2025, and the Supreme Court of British Columbia issued its final order four days later.
Crypto Revenue Drops 47%, COO Departs
The Canadian approval arrives less than two weeks after reports that Robinhood Crypto COO Tanya Denisova left the company after over five years. During her tenure, Robinhood launched commission-free crypto trading, digital wallets, and staking, and completed the 2025 acquisition of Bitstamp. No replacement has been named.
Robinhood’s crypto business is under pressure from weaker trading activity. Q1 2026 crypto revenue came in at $134 million, down 47% from $252 million a year earlier. Morningstar called crypto trading a “particular pressure point” as retail participation faded and Bitcoin spent most of the quarter below $80,000. Still, Robinhood’s total net revenue rose 15% year-over-year to $1.07 billion in Q1 2026. The platform handled roughly $25 billion in monthly crypto trading volume in early 2026, though generated revenue fell year-over-year. Robinhood shares were down 3% at press time.