Cryptocurrency exchange Kraken is reportedly close to finalizing a $1.5 billion acquisition of trading platform NinjaTrader. This move could significantly expand its presence in the US crypto futures and derivatives market.
According to a 19 March 2025 report from The Wall Street Journal, the deal could be officially announced as early as 20 March 2025.
The acquisition would allow Kraken to leverage NinjaTrader’s registration as a Futures Commission Merchant, enabling it to offer crypto futures products to US customers.
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Kraken Expands Beyond Crypto With Plans For Equities And Payments
The move aligns with Kraken’s broader strategy to diversify its offerings across multiple asset classes, including plans for equities trading and payments.
The deal would also help NinjaTrader expand internationally, with potential growth into the UK, Europe, and Australia, sources told WSJ. Despite the acquisition, NinjaTrader is expected to continue operating as a standalone platform.
Kraken has seen strong financial performance, reporting $1.5 billion in revenue and $665 billion in trading volume from 2.5 million funded accounts in 2024. Meanwhile, NinjaTrader’s futures trading tools serve over 1.8 million customers.
Kraken previously signaled plans to expand its product lineup when it shut down its non-fungible token (NFT) marketplace last November.
The potential acquisition also comes just weeks after the U.S. Securities and Exchange Commission (SEC) dropped its lawsuit against Kraken on March 3.
The cryptocurrency exchange Kraken is nearing a $1.5 billion deal for NinjaTrader, a U.S. retail futures trading platform, according to people familiar with the matter https://t.co/9oFX2oopZC
— WSJ Markets (@WSJmarkets) March 19, 2025
The lawsuit had accused Kraken of operating as an unregistered broker, dealer, and exchange, but the case was dismissed without penalties or required changes to Kraken’s business model.
The regulatory environment in the US is shifting in favor of crypto-friendly policies, with President Donald Trump pledging to make the US the “crypto capital” of the world. Kraken is among the firms that could benefit from this shift as it looks to expand its operations.
Founded in 2011 by Thanh Luu, Michael Gronager, and former CEO Jesse Powell, Kraken remains a major player in the crypto exchange market.
Under current CEO Amir Orad, Kraken ranks among the top seven to 15 largest crypto exchanges by spot trading volume, handling daily trades between $390 million and $4.4 billion, according to CoinGecko data.
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Kraken Eyes 2026 IPO
Kraken is reportedly preparing for an initial public offering (IPO) as early as the first quarter of 2026. The company is capitalizing on what appears to be a more crypto-friendly regulatory environment under Donald Trump.
The company recently disclosed its 2024 financial highlights, revealing $1.5 billion in revenue and $380 million in adjusted earnings, more than doubling its previous year’s performance.
Kraken’s public listing ambitions were previously stalled by regulatory hurdles during the Biden administration.
Trump’s pro-crypto stance has renewed optimism in the industry, with the president set to meet over two dozen crypto leaders, including Kraken Co-CEO Arjun Sethi, at the White House.
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Key Takeaways
- Kraken is finalizing a $1.5 billion acquisition of NinjaTrader, aiming to expand its presence in the U.S. crypto futures market.
- The deal aligns with Kraken’s broader strategy to diversify into equities and payments, while NinjaTrader looks to expand globally.
- Kraken is also preparing for a 2026 IPO, capitalizing on a more crypto-friendly regulatory environment under President Trump.
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