Yesterday Robinhood (HOOD) announced its entry into the Canadian crypto market with the $250M acquisition of WonderFi Technologies (WNDR), a roll-up story with >$2B of client assets.

The immediate strategic rationale of the deal is a crypto land grab, given it’s outsized contribution to HOOD’s results…

… but WonderFi’s Investment Dealer license leaves the door open for an expansion into traditional brokerage services too. With a bigger balance sheet and top tech talent, Wealthsimple (54% owned by Power Corp.) and Questrade have competition.