Additional development work and regulatory approvals are pushing to close sales into next year.
Toronto cryptocurrency company Miracle-Fi has announced that its sale on the US trading platform Robinhood Markets Construction is not expected to be completed until the first half of 2026.
The Robinhood deal was concluded in May of this year. buy WonderFi, listed on the Toronto Stock Exchange for C$250 million in cash, was initially expected to close within the last six months of 2025.
“We remain committed to completing this transaction as quickly as possible and are working to do so expeditiously.”
Dean the Villain,
Miracle-Fi
Speaking then about whether Robinhood has plans to roll out a broader set of offerings in Canada, Robinhood Crypto Senior Vice President Johann Kerbrath told BetaKit that there were “no plans” but added that the Nasdaq-listed fintech company “expects to develop our offering” in the country in the future.
WonderFi attributed the delay to the sale to additional development and regulatory approvals required by Robinhood to deploy its proprietary technology on WonderFi platforms.
WonderFi CEO Dean Skurka said in a statement that the company is pleased with its active partnership with Robinhood. “We remain committed to completing this transaction as quickly as possible and are working expeditiously to do so,” he wrote.
BetaKit has reached out to WonderFi for additional comment on the delay in closure.
WonderFi management and its entire 115-person team are set to join Robinhood Crypto's Canadian employees and continue to oversee existing products as part of the deal. Robinhood, which will open its Canadian headquarters in Toronto in 2024, told BetaKit earlier this year that it employs 140 people in Canada.
WonderFi has already received shareholder and warrant holder approval, a no-action letter from the Canadian Competition Bureau and a final order from the British Columbia Supreme Court in support of the transaction.
CONNECTED: WonderFi's Q2 Earnings Show Widening Losses Ahead of Robinhood Acquisition
According to LogicsThe deal came despite internal strife at WonderFi that included competing bids, huge royalties and seven-figure payouts to dissenting investors who raised concerns about the processes and governance of WonderFi's board of directors.
WonderFi will continue to operate its products following the acquisition. Since 2022, WonderFi or its subsidiaries have either fully acquired or acquired assets in a variety of cryptocurrency trading platforms, including Bitby, Bitvo, Bitstamp, CoinWithWhy?, CoinSmartAnd Coinberryand united them under the Bitbuy and Coinsquare brands.
Today, Bitbuy and Coinsquare are two of the most popular regulated crypto exchanges in Canada, and WonderFi holds over $1.9 billion in client assets in custody. Earlier this year, WonderFi discontinued its cryptocurrency payment processing division SmartPay and sold from Calgary-based crypto custodian Tetra Trust.
WonderFi reports growing losses in the second quarter that this is due to “difficult” cryptocurrency market conditions and closing costs.
Image courtesy of WonderFi.
