Kevin O’Leary-backed WonderFi is set to own two of Canada’s six registered crypto trading platforms after agreeing to acquire Coinberry for $38.5 million CAD in an all-stock deal. This move follows WonderFi’s recent acquisition of Bitbuy, signaling accelerated consolidation in Canada’s crypto sector.
Key Details of the Acquisition
- Deal Structure: All-stock transaction based on WonderFi’s current share price.
- Regulatory Status: Coinberry is OSC-regulated, adding to WonderFi’s compliant portfolio.
- User Base: Combines Coinberry’s 220,000+ customers with WonderFi’s existing 750,000+ community.
- Revenue Impact: Expected to push WonderFi’s annual revenue to $50 million.
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Strategic Rationale
1. Market Consolidation:
CEO Ben Samaroo highlights rising customer acquisition costs and regulatory pressures as drivers for mergers. "Consolidation creates efficiencies and strengthens competitive positioning," he notes.
2. Global Expansion:
Owning multiple licensed platforms enhances credibility for WonderFi’s plans in Australia and the U.S.
3. Ecosystem Synergies:
- Centralized Finance: Bitbuy (advanced traders) + Coinberry (entry-level users).
- Liquidity Sourcing: Coinberry will leverage Bitbuy’s marketplace for safer, regulated transactions.
Canada’s Crypto Landscape
With six regulated platforms, experts like Andreas Park (U of Toronto) argue consolidation is inevitable:
"Scale reduces costs and improves defenses against global giants like Coinbase and Binance."
Registered Platforms:
- Bitbuy (WonderFi)
- Coinberry (WonderFi)
- CoinSmart
- Wealthsimple
- Netcoins
- Fidelity
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Future Acquisitions
WonderFi plans further buys to achieve 50%+ market share in Canada. Targets include:
- Centralized finance platforms.
- NFT/gaming companies (e.g., pending Sun Machine acquisition).
FAQ Section
Q1: Why is WonderFi acquiring multiple platforms?
A1: To reduce costs, streamline operations, and compete globally with unified liquidity and compliance.
Q2: How does this benefit users?
A2: Combined platforms offer better pricing, security, and a seamless ecosystem for diverse trader needs.
Q3: What’s next for Canada’s crypto space?
A3: More mergers as smaller players seek economies of scale against international rivals.
Consolidation is reshaping crypto in Canada—efficiency and scale are now critical for survival.