Kraken Nears $1.5 Billion Deal to Acquire NinjaTrader, Expanding into Crypto Futures

Cryptocurrency exchange Kraken is reportedly on the verge of finalizing a $1.5 billion acquisition of the trading platform NinjaTrader, a move that would significantly expand Kraken’s offerings and customer base in the U.S. The deal is expected to be confirmed as early as March 20, according to a report by The Wall Street Journal, citing sources familiar with the negotiations.

The acquisition would allow Kraken to tap into the lucrative crypto futures and derivatives market in the U.S., thanks to NinjaTrader’s registration as a Futures Commission Merchant (FCM). This would enable Kraken to broaden its services beyond spot trading, diversifying its offerings to include crypto futures—a key growth area for the exchange.

This strategic move is also aligned with Kraken’s broader goal of expanding across multiple asset classes. In addition to crypto futures, Kraken has expressed interest in entering the equities trading and payments sectors. Meanwhile, NinjaTrader, with its established base of futures trading tools, is expected to benefit from Kraken’s global reach, particularly in expanding into markets like the UK, continental Europe, and Australia.

Despite the acquisition, NinjaTrader is expected to operate as a standalone platform under Kraken’s ownership, allowing it to maintain its current business model while benefiting from Kraken’s resources and infrastructure.

Kraken, one of the largest crypto exchanges globally, posted impressive financials for 2024, reporting $1.5 billion in revenue and $665 billion in trading volume. The platform serves 2.5 million funded customer accounts. NinjaTrader, on the other hand, has established a strong presence in the futures market, with over 1.8 million customers utilizing its trading tools.

The reported acquisition follows Kraken’s announcement in November 2024 that it plans to broaden its range of products and services. Notably, Kraken closed its non-fungible token (NFT) marketplace as part of this shift in strategy.

The deal also comes on the heels of a major legal victory for Kraken. On March 3, the U.S. Securities and Exchange Commission (SEC) dropped its lawsuit against the exchange. The SEC had initially accused Kraken of operating as an unregistered broker, dealer, exchange, and clearing agency. However, the case was dismissed with prejudice, meaning no penalties were imposed, and no changes were required to Kraken’s business operations.

This development comes amid a more favorable regulatory environment in the U.S., which could be set to benefit Kraken and other crypto firms. With President Donald Trump’s administration pledging to position the U.S. as the “crypto capital” of the world, Kraken is poised to capitalize on the growing crypto market.

Founded in 2011 by Thanh Luu, Michael Gronager, and former CEO Jesse Powell, Kraken has remained one of the leading players in the crypto space. Former data analytics executive Amir Orad took over as CEO in July 2024. The platform consistently ranks among the top seven to 15 largest crypto exchanges by spot trading volume, handling anywhere from $390 million to $4.4 billion in daily trades, according to data from CoinGecko.

If finalized, the NinjaTrader acquisition will mark another key step in Kraken’s ambitious expansion strategy, positioning it as a more prominent player in the global financial markets.