HOOD•HOOD•Canadian regulator approved Robinhood’s $250 million acquisition of WonderFi, set to close June 1 and potentially boost revenue by 10%, while its crypto unit saw revenue drop 47% to $134 million in Q1. Meanwhile, Hyperliquid’s $12 billion market cap platform holds 60% of on-chain derivative open interest, posing fresh competition.
The Canadian Investment Regulatory Organization cleared Robinhood’s $250 million acquisition of WonderFi, removing the final hurdle to close by June 1. WonderFi operates regulated crypto platforms including Bitbuy, Coinsquare and Bitcoin.ca, granting Robinhood an established foothold in the Canadian crypto market.
This acquisition aims to add roughly 10% to Robinhood’s annual revenue by integrating a regulated Canadian crypto network. It also diversifies Robinhood’s international presence beyond the U.S. and strengthens its product pipeline with digital wallet and staking technologies.
Robinhood’s crypto business generated $134 million in Q1, down 47% from $252 million a year earlier, as retail trading activity cooled. Top crypto executive Tanya Denisova is departing after five years, raising questions about leadership stability in the division.
Hyperliquid’s on-chain perpetual futures platform, valued at $12 billion, processed $2.9 trillion in 2025 volume and controls 60% of derivative open interest. It returns 97% of trading fees to token holders, creating a direct usage-to-value model that could draw traders away from Robinhood’s offerings.
