On November 13, 2023, WonderFi Technologies Inc., through its subsidiary Bitbuy Technologies Inc., acquired all client accounts and the domain Bitvo.com from Bitvo Inc., a Calgary-based crypto-trading platform. The transaction included 17,000+ client accounts, which generated over $235 million in trading volume and $1.5 million in net revenue in the past year. In October 2023 alone, Bitvo achieved $35 million in trading volume and $375,000 in net revenue.

The asset purchase agreement outlined Bitbuy's acquisition of all client accounts and associated revenues, with minimal incremental operating costs expected. Bitbuy prepaid Bitvo and agreed to a revenue-sharing arrangement, paying up to 50% of net revenues from the acquired accounts under certain conditions. No operations or liabilities of Bitvo were assumed by Bitbuy. The necessary non-objection letters from securities regulators were secured before finalizing the transaction.

This strategic acquisition consolidates WonderFi's holdings, which now include client accounts from Bitbuy, Coinberry, Coinsquare, CoinSmart, and Bitvo, covering five of Canada's eleven registered crypto-trading platforms. WonderFi's CEO, Dean Skurka, emphasized the acquisition's benefits, including immediate cash flow, increased scale, and a diverse client profile. Bitvo's clients will experience a seamless transition and gain access to Bitbuy's broader service offerings, including regulated staking.