Kraken to acquire NinjaTrader for $1.5 billion; eyes crypto futures expansion in the US

Kraken is finalising a $1.5 billion deal to acquire trading platform NinjaTrader, a move that could significantly enhance its presence in the US derivatives market, as per a WSJ report.

The acquisition, which could be confirmed as early as March 20, would enable Kraken to offer crypto futures and derivatives in the US by leveraging NinjaTrader’s registration as a Futures Commission Merchant.

This marks a crucial step in Kraken’s broader strategy to expand its asset class offerings, including equities trading and payments.

Kraken expands US derivatives footprint

The acquisition of NinjaTrader would provide Kraken with a strategic entry point into the US crypto derivatives market, a segment that has seen increasing demand.

NinjaTrader, which specialises in futures trading tools and services, currently serves over 1.8 million customers.

By integrating these capabilities, Kraken would be able to expand its product offerings beyond spot trading, strengthening its foothold in an increasingly competitive market.

The move also comes amid a shifting regulatory environment in the US.

Earlier in the month, US Securities and Exchange Commission (SEC) dropping its lawsuit against Kraken.

President Donald Trump’s administration has signalled a more crypto-friendly approach, positioning the US as a potential hub for digital assets.

The SEC had accused Kraken of operating as an unregistered broker, dealer, exchange, and clearing agency, but the case was dismissed with prejudice, with no penalties paid and no required changes to Kraken’s business model.

NinjaTrader’s global expansion plans

While Kraken benefits from the acquisition through its ability to offer derivatives, NinjaTrader is expected to expand into key international markets, including the UK, continental Europe, and Australia.

The trading platform will reportedly continue operating as a standalone entity, ensuring that its existing customer base experiences minimal disruption.

Kraken’s aggressive expansion strategy is evident in its performance metrics.

In 2024, the crypto exchange reported $1.5 billion in revenue, processing $665 billion in trading volume across 2.5 million funded customer accounts.

This positions Kraken as one of the leading crypto exchanges globally, regularly ranking among the top 15 by spot trading volume, with daily trades ranging between $390 million and $4.4 billion, according to CoinGecko data.

Kraken moves beyond crypto trading

Kraken’s planned acquisition aligns with its long-term goal of diversifying into new financial products.

The firm has been steadily moving beyond crypto trading, with plans to introduce equities trading and payment solutions.

Last November, Kraken discontinued its non-fungible token (NFT) marketplace as part of this strategic shift, refocusing its efforts on areas with greater growth potential.

Founded in 2011 by Thanh Luu, Michael Gronager, and former CEO Jesse Powell, Kraken has been a key player in the cryptocurrency space.

Last year, the company appointed Amir Orad, a former data analytics executive, as its new CEO, signalling a renewed focus on analytics-driven expansion and compliance.

Kraken and NinjaTrader have not yet commented on the acquisition reports.