WonderFi is a buy, Research Capital says

WonderFi Technologies (WonderFi Technologies Stock Quote, Chart, News, Analysts, Financials TSXV:WNDR) has been initiated with a “Buy” rating and a 12-month price target of $0.50 by Research Capital analyst Greg McLeish, who sees the company as Canada’s leading regulated cryptocurrency platform with significant growth ahead.

McLeish’s April 22 investors’ note follows WonderFi’s latest financial results and operational update, which showcased strong momentum in 2024. The company reported record revenue of C$57.7-million, more than double the previous year, and adjusted EBITDA of C$12-million, turning positive for the first time.

McLeish said WonderFi is benefiting from its regulatory positioning at a time when many unregulated competitors have been sidelined.

“WonderFi has emerged as Canada’s dominant regulated crypto platform, uniquely positioned to capitalize on the growing digital asset market,” he wrote. “The company’s integrated ecosystem – spanning retail and institutional crypto trading, staking, payments, and custody – underpins a compelling growth story with significant upside potential. Our $0.50 target is based on a 14× 2026E EBITDA multiple, reflecting WonderFi’s accelerating earnings trajectory and solid competitive moat in a regulated environment.”

McLeish said, citing 1.75 million users, $2.1-billion in client assets under custody, and a growing ecosystem of products spanning trading, staking, payments, and custody services.

Looking ahead, McLeish expects WonderFi to generate $16.8-million in adjusted EBITDA on $67.0-million in revenue in fiscal 2025, with those figures climbing to $22.8 million in EBITDA on $85.0 million in revenue in 2026.

McLeish says WonderFi’s scale, regulation and brand strength give it a clear edge as competitors exit the Canadian crypto space.

“Through transformative acquisitions, WonderFi now serves over 1.75 million registered users – one of the largest crypto communities in Canada – with C$2.1-billion in client assets under custody (AUC),” he said. “As the only at-scale, fully regulated crypto trading ecosystem in Canada, WonderFi is capturing outsized market share after the exit of unregistered exchanges (e.g. Binance). The company’s brands (Bitbuy, Coinsquare) are trusted and well-known, giving it a strong network effect and first-mover advantage in a compliance-focused market.”

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