HOOD Stock Price Surges As Robinhood Expands to Canada

Highlights

Robinhood is expanding to Canada by aquiring the digital asset services firm WonderFi.
The HOOD stock price surged by 9% following the WonderFi deal.
WonderFi's market capitalization plummeted by 13% year-to-date on the Toronto Stock Exchange.

In a groundbreaking move to expand its footprint beyond the US market, Robinhood has acquired WonderFi, marking its official entry into Canada. The news sent HOOD stock price soaring, with shares rising 10% in response to the strategic acquisition. The stock was trading at $62.96 at the time of reporting.

Why WonderFi?

Via an official news release, US-based financial services company Robinhood announced its expansion to Canada. By acquiring WonderFi, a Canadian firm specializing in digital asset products and services, for about $179 million, the financial firm is setting its footprints in the country. Robinhood GM Johann Kerbrat stated,

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. We look forward to partnering with the WonderFi team to deliver innovative, user-centric crypto products to Canadian customers.

Driven by this strategic deal, HOOD price has experienced a sharp surge. Increasing by about 9.47%, the shares are now at $62.77. In a remarkable show of growth, the HOOD stock has surged 28% in the past five days and a staggering 42.7% over the past month.

HOOD Stock Price Soars 9% As Robinhood Expands to Canada with WonderFi Aquisition — Source: TradingView

Details of the Acquisition

As per the acquisition deal, Robinhood will purchase all outstanding WonderFi shares for CAD 0.36 per share. This represents a 41% premium to the company’s last closing price on the TSX and a 71% premium to its 300-day volume-weighted average price. This acquisition is anticipated to be finalized in the latter part of 2025. However, it is contingent upon receiving regulatory and court approvals, as well as approval from WonderFi’s shareholders.

While WonderFi’s market capitalization stood at CAD 163.9 million before the deal, it plummeted by 13% year-to-date on the Toronto Stock Exchange, despite the stock price hike.

Commenting on the deal, WonderFi President and CEO Dean Skurka stated,

WonderFi and Robinhood are united in our visions of making crypto accessible and bringing more people into the crypto space. We’re delighted to be joining the Robinhood team and to super-charge our product offerings for customers.

Following the acquisition, WonderFi will continue to operate its product operations. In addition, the platform’s leadership team will join Robinhood Crypto, bringing valuable expertise in digital asset products tailored to Canadian customers. The WonderFi team will merge with Robinhood’s existing Canadian workforce of over 140 employees.

Significantly, this move comes following Robinhood’s recent decision to offer US securities to EU residents. The company is reportedly exploring Solana and Arbitrum to tokenize US stocks.

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Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape. Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master's degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet. Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

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