Kraken's $20B Bid to Unify Crypto and Traditional Markets

Kraken, a leading cryptocurrency exchange, has expanded its U.S. derivatives platform to include CME Group futures contracts for gold, oil, and equity indices, marking a significant step in bridging cryptocurrency and traditional financial markets. The move allows users to trade a range of traditional assets, including the S&P 500, major foreign exchange pairs, and commodities, alongside crypto derivatives. Kraken's pricing for these contracts is set at 0.5 basis points, targeting high-volume and professional traders. The platform also offers discounted market data access, enhancing its appeal to both retail and institutional clients.

The expansion follows Kraken's $1.5 billion acquisition of NinjaTrader, a U.S. retail futures platform, in May 2025. This acquisition, described as the largest-ever merger between traditional finance (TradFi) and crypto sectors, provides Kraken with a CFTC-registered Futures Commission Merchant (FCM) license, enabling regulated futures trading in the U.S. The integration of NinjaTrader's infrastructure allows Kraken to offer cross-asset trading capabilities, including equities, derivatives, and crypto, under a unified platform.

Kraken's strategy positions it to compete with traditional brokers like Robinhood and emerging crypto-native platforms expanding into traditional asset classes. By leveraging NinjaTrader's advanced trading tools and Kraken's crypto liquidity, the platform aims to attract professional traders seeking 24/7 access to global markets. The combined entity's regulatory licenses in the U.K., Europe, and Australia further facilitate international expansion.

The platform's offerings include CME-listed contracts for energy, metals, and equity indices, with plans to introduce fixed income and equities in the coming months. Kraken's entry into traditional derivatives aligns with broader industry trends, as CME Group itself moves toward 24/7 crypto futures trading. This shift could redefine market hours and liquidity dynamics in both crypto and traditional derivatives sectors.

Kraken's expansion also supports its reported preparation for an initial public offering (IPO), with a potential valuation near $20 billion. The company has seen 19% year-over-year revenue growth in Q1 2025, driven by diversification into TradFi products. Analysts note that the acquisition of NinjaTrader accelerates Kraken's transition from a crypto-focused exchange to a multi-asset trading hub, with revenue projections shifting from 92% crypto-dependent in 2024 to 58% crypto/42% TradFi by 2026.

The integration of traditional derivatives into Kraken's ecosystem reflects the maturing crypto industry's push toward institutional legitimacy. By offering a seamless experience for trading crypto and traditional assets, Kraken aims to attract a broader user base, including institutional investors seeking regulated exposure to crypto markets and crypto traders exploring traditional instruments. The platform's focus on low-latency execution and institutional-grade tools positions it to compete with established derivatives exchanges while catering to the growing demand for cross-market strategies.

Source: [1] Kraken Adds CME Futures for Gold, Oil and Equities to U.S. (https://coincentral.com/kraken-adds-cme-futures-for-gold-oil-and-equities-to-u-s-derivatives/)

[2] Kraken expands CME derivatives access to oil, gold and FX (https://blockworks.co/news/kraken-cme-derivatives)

[3] Kraken Adds CME's FX, Commodity and Stock Futures Ahead of ... (https://financefeeds.com/kraken-adds-cmes-fx-commodity-and-stock-futures-ahead-of-20b-ipo/)

[4] Kraken expands access to traditional CME contracts like oil and gold (https://www.theblock.co/post/373899/kraken-expands-access-to-traditional-cme-contracts-like-oil-and-gold)

[5] Kraken Expands with CME Futures for Crypto and TradFi (https://capwolf.com/kraken-expands-with-cme-futures-for-crypto-and-tradfi/)

[6] Kraken Completes Acquisition of NinjaTrader (https://www.corpdev.org/2025/05/03/kraken-completes-acquisition-of-ninjatrader-reshaping-the-future-of-multi-asset-trading/)

[7] Kraken's NinjaTrader Acquisition Marks a New Era in ... (https://cryptonews.com/press-releases/kraken-acquires-ninjatrader/)

[8] Billion-Dollar Move: Kraken Acquires NinjaTrader to Become a ... (https://readwrite.com/featured/billion-dollar-move-kraken-acquires-ninjatrader/)

[9] Kraken Completes Acquisition of NinjaTrader - Business Wire (https://www.businesswire.com/news/home/20250501627804/en/Kraken-Completes-Acquisition-of-NinjaTrader)