Robinhood's Canada crypto move gets approval, next challenge looms for HOOD

26 May 2026

NEW YORK, May 26, 2026, 09:07 (EDT)

Robinhood Markets is on track to enter Canada as WonderFi Technologies said a Canadian regulator cleared the takeover of Coinsquare Capital Markets, a WonderFi unit that Robinhood plans to buy. WonderFi said the deal only needs routine closing conditions now, with the closing set for on or around June 1. No other approvals are needed.

Robinhood’s approval is in focus as the company tries to move past its image as a U.S. retail broker known for crypto and options trading surges. Shares were indicated at $73.64 ahead of Tuesday’s open, putting market cap around $67.4 billion.

Robinhood moved to buy WonderFi, owner of Canadian crypto firms Bitbuy and Coinsquare, for C$250 million in cash, or about $179 million. The deal, agreed last year, follows Robinhood’s strategy to expand outside its core U.S. base. Johann Kerbrat, the company’s senior vice president and general manager for crypto, said WonderFi is an “ideal partner” for its growth plans in Canada. Reuters

Robinhood could use the timing. The company’s first-quarter numbers were mixed. Total net revenue was up 15% year-over-year at $1.07 billion. But crypto revenue dropped 47% to $134 million. Event contracts gave a boost to other transaction revenue, with those trades linked to things like sports, economic data, or politics.

Robinhood CEO Vlad Tenev said the company is “positioned at the center” of its customers’ financial lives. CFO Shiv Verma said users “remained engaged” and are picking up new products. He pointed to record activity in prediction markets, futures, and index options. Robinhood Markets, Inc.

Robinhood’s April update showed funded accounts up at 27.6 million and platform assets at $345.4 billion. Net deposits for the month were $6 billion. Equity and options trading volumes were higher than March, but crypto volumes dropped 33% month over month.

Investing.com on Monday pointed to the same divide. The report said Robinhood’s new moves into prediction markets, AI and international business offer growth chances, but add risk from more rules, higher costs and swings in trading.

Prediction markets have been the big headline there. Robinhood said in November it had seen over 1 million customers trade 9 billion contracts in the product’s first year, calling it the fastest-growing product by revenue. JB Mackenzie, who runs futures and international at Robinhood, said “strong customer demand” is driving the growth in prediction markets. Robinhood

But there are bumps. Robinhood lifted its 2026 forecast for adjusted operating expenses and stock-based pay by $100 million, now putting it in the $2.7 billion to $2.825 billion range. Part of that is building and running the user interface for Trump Accounts. The company also said regulatory issues and other charges could change total expenses.

Peer comps are still looking shaky. A 24/7 Wall St. story said Charles Schwab was steadier, pointing to its $11.77 trillion in client assets and cheaper valuation, while Robinhood is more tied to crypto, event contracts and high-beta trading. Interactive Brokers is also getting called out in some market notes as a simpler brokerage growth play this year.

Coinbase sets a benchmark here, with Robinhood expanding regulated crypto offerings overseas and pushing more into digital asset infrastructure. There’s a trade-off: Robinhood gains a wider product lineup, but investors still zero in on the crypto cycle that hit Q1 revenue.

Robinhood has hit a deal milestone, but smoother earnings aren’t in yet. The focus turns to whether WonderFi, prediction markets, and subscription lines can pull in revenue that isn’t tied to swings in crypto prices and trading by retail.

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Khadija Saeed is a financial markets reporter at TS2.tech. Her coverage ranges from stocks and technology to emerging industries and developments across global markets. She studied economics and finance at the London School of Economics and worked in market research before becoming a financial journalist. Follow Khadija Saeed on Google News.

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