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BFD Expert Voices - Private Credit

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Robinhood (Nasdaq: HOOD) agreed to acquire Canadian crypto firm WonderFi (TSX: WNDR) in a C$250 million all-cash deal to get a foothold in the region.

Why it matters: Robinhood is on an M&A spree to expand its crypto operations worldwide.

By the numbers: WonderFi shareholders will receive C$0.36 per common share for their stock, representing a 41% premium to its prior closing price and a 71% premium over its 30-day average.

Context: WonderFi operates Bitbuy and Coinsquare, two of Canada's longest-standing regulated crypto platforms, which have been operating for over 10 years and hold more than C$2.1 billion in assets under custody.

Robinhood has an engineering hub in Toronto and 140 employees in Canada but has yet to offer its crypto or equity-trading products there.

"We felt like WonderFi was one of the best partners for us to accelerate our mission into Canada, and Canada was also the next step for international expansion," Johann Kerbrat, SVP and GM of Robinhood Crypto, tells Axios.

State of play: According to Kerbrat, not much is expected to change for WonderFi or its customers once the acquisition closes, which is expected in the second half of the year.

While Robinhood could eventually offer products like its self-custody wallet or desktop trading platform in Canada, Kerbrat says it has no immediate plans to do so.

The big picture: This is Robinhood's second deal in the past year to acquire licenses and expand its international footprint, following it agreeing to acquire crypto-trading platform Bitstamp for about $200 million in cash last June.

Kerbrat says that deal is still expected to close in the second quarter.

Between the lines: Kerbrat says the new MiCA regulatory framework made entering the EU with a crypto offering an attractive proposition. 

Bitstamp was interesting not just for its exchange and institutional business, but also for the licenses it holds around the world. 

"[We decide] what is the best opportunity for the business and our customers, and based on that we decide how to enter the market," he says.

What's next: While M&A has been a valuable tool for international expansion recently, Kerbrat says not to expect the acquisition spree to continue. 

"I think the team will be pretty busy with these two," he says. "We'll see if there's anything [else] in the future, but at this point, there's no plan [for more M&A]."

WonderFi latest step in Robinhood's crypto expansion

The deal is the second example of Robinhood using M&A to expand internationally

A suit jacket with the Robinhood logo in the lapel pocket.

Robinhood (Nasdaq: HOOD) <a class="gtmContentClick" data-vars-link-text="agreed to acquire" data-vars-click-url="https://newsroom.aboutrobinhood.com/robinhood-to-acquire-wonderfi/" data-vars-content-id="7582e923-ad15-4598-a1a7-85b31206696c" data-vars-headline="WonderFi latest step in Robinhood&#x27;s crypto expansion" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://newsroom.aboutrobinhood.com/robinhood-to-acquire-wonderfi/" target="_blank">agreed to acquire</a> Canadian crypto firm WonderFi (TSX: WNDR) in a C$250 million all-cash deal to get a foothold in the region.Why it matters: Robinhood is on an M&amp;A spree to expand its crypto operations worldwide.

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WonderFi latest step in Robinhood's crypto expansion

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