Robinhood expands into Canada with acquisition of WonderFi

U.S.-based trading platform Robinhood Markets Inc. has completed its acquisition of Canadian cryptocurrency firm WonderFi, bringing WonderFi’s regulated crypto platforms—Bitbuy and Coinsquare—under the Robinhood brand. The U.S. company has said it will invite Canadian customers to download the Robinhood trading app as it rolls out its services in Canada.

The transaction, originally announced just over a year ago, was valued at approximately $250 million. Robinhood described WonderFi as an experienced operator of regulated crypto platforms that serves a wide range of users, from beginners to more advanced traders. According to Robinhood, closing the deal supports its mission to deliver user-focused investing products to Canadian customers.

The acquisition increases Robinhood’s international funded customer base by roughly 300,000 to one million. WonderFi employees are expected to join the Robinhood team in Canada, augmenting the roughly 240 Robinhood workers already based in the country. Robinhood established a Canadian engineering hub headquartered in Toronto in 2024.

For investors and crypto users, the combined platform could mean broader access to trading and potentially more integrated services, though regulatory oversight and platform transitions may affect timing for full integration. The move also signals continued interest by major U.S. fintech firms in the Canadian market.

Apotex looking to sell about $1 billion in shares in initial public offering

Apotex Health Corp. has filed plans for an initial public offering that would raise roughly $1 billion through the sale of shares. The company indicated it plans to offer between 41.7 million and 50 million shares at a price range of $20 to $24 per share.

The proposed deal includes a primary treasury offering of 35.4 million to 42.5 million shares (roughly $850 million) and a secondary offering of 6.25 million to 7.5 million shares by certain selling shareholders (about $150 million). The selling shareholders are expected to grant underwriters an over-allotment option for up to another 6.25 million to 7.5 million shares, exercisable at the offering price.

Apotex, which has applied to list its shares on the Toronto Stock Exchange, has a broad portfolio of generic pharmaceuticals and consumer health products. While the company has not specified all uses for proceeds, typical objectives for IPOs include funding growth initiatives, strengthening the balance sheet and providing liquidity for existing shareholders. Investors considering the offering should review the company’s prospectus and financial disclosures once available.

Cogeco to take $1.7B non-cash charge related to U.S. telecom business

Cogeco Communications Inc. and its parent, Cogeco Inc., announced they expect to record a non-cash impairment charge of about $1.7 billion, net of deferred income taxes, related to their U.S. telecommunications operations. The companies said the write-down reflects the competitive environment in the United States and will be finalized in their financial statements for the third quarter of their 2026 fiscal year.

An impairment charge is an accounting recognition that certain assets are worth less than previously recorded on the balance sheet. Because this is a non-cash accounting adjustment, Cogeco clarified the charge will not affect its cash flows or day-to-day operations. Management said it is working to strengthen its U.S. business, including growing its wireless services, while continuing to serve its 1.6 million residential and business subscribers across Canada and parts of the United States.

Shopify announces US$3-billion increase to existing share repurchase program

Shopify Inc. has boosted its ongoing share buyback authorization by US$3 billion, raising the total repurchase capacity to US$5 billion. The additional authorization applies to repurchases of Class A subordinate voting shares.

As of June 1, Shopify reported it had repurchased about US$1.45 billion under the current program. The company said it will continue executing the program without set quarterly or annual minimums, allowing flexibility in timing and scale. Shopify’s chief financial officer described the expansion as a demonstration of confidence in the durability of the business.

Share repurchase programs typically reduce the number of shares outstanding, which can increase earnings per share and return capital to investors. Shopify trades on both the Toronto Stock Exchange and Nasdaq and reports in U.S. dollars.

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