Kraken to Acquire NinjaTrader for $1.5 Billion, Boosting U.S. Derivatives Market

Kraken, a leading cryptocurrency exchange, is in the final stages of acquiring NinjaTrader, a U.S.-based retail trading platform, in a deal valued at approximately $1.5 billion. This acquisition is poised to significantly enhance Kraken's offerings in the derivatives market, particularly within the United States. The deal is anticipated to be officially announced as early as March 20, according to sources familiar with the matter.

NinjaTrader, founded in 2003, caters to over 1.8 million retail investors. By acquiring NinjaTrader, Kraken will gain access to this extensive user base and leverage NinjaTrader’s Futures Commission Merchant license. This license will enable Kraken to expand its range of cryptocurrency futures and derivatives products available in the U.S. market. Additionally, the acquisition will support NinjaTrader’s expansion into other regions, including the UK, Europe, and Australia. Kraken’s existing regulatory approvals, such as its Electronic Money Institution license from the UK’s Financial Conduct Authority and its MiFID license for the EU, will facilitate this international growth.

Kraken’s strong financial standing underpins this acquisition. The exchange reported $1.5 billion in revenue for 2024, more than doubling its earnings from the previous year. As per its financial report released on January 31, Kraken holds $42.8 billion in assets and operates 2.5 million funded accounts. This robust financial position provides the necessary backing for the deal.

The timing of this acquisition is strategic, coming on the heels of Kraken’s recent legal victory. On March 3, the U.S. Securities and Exchange Commission agreed to dismiss its lawsuit against Kraken without any penalties or admission of wrongdoing. This legal resolution removes a significant regulatory hurdle, allowing Kraken to proceed with its expansion plans unencumbered.

Kraken continues to gain industry recognition and improve its market position. According to a March 19 post on its official blog, Kraken ranked 3rd in the Q1 2025 exchange rankings, up from 7th the previous year. This improvement is attributed to enhancements in governance, security, and liquidity. Kraken remains a major player in the cryptocurrency exchange market, maintaining its position as one of the largest exchanges by trading volume.