Kraken to Acquire NinjaTrader for $1.5 Billion, Expanding Crypto Derivatives

Kraken, a prominent global cryptocurrency exchange, is on the brink of a transformative acquisition. The exchange is reportedly close to purchasing NinjaTrader, a U.S.-based retail futures trading platform, in a deal valued at $1.5 billion. An official announcement is anticipated as early as March 20.

This acquisition, if finalized, will grant Kraken access to NinjaTrader’s Futures Commission Merchant (FCM) license. This license will enable Kraken to expand its crypto derivatives offerings within the United States, potentially reshaping the futures trading landscape in both traditional finance and the crypto sector.

NinjaTrader, established in 2003, serves over 1.8 million retail investors, primarily in futures trading. By acquiring NinjaTrader, Kraken will gain immediate access to a well-established user base. Additionally, this acquisition will support NinjaTrader’s global expansion plans, including regions such as Europe, the UK, and Australia.

From a regulatory standpoint, Kraken holds a MiFID license for the EU and an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority. These credentials could facilitate a smoother integration of NinjaTrader’s services under Kraken’s expanding global footprint.

Kraken’s financial position has never been stronger. The exchange generated $1.5 billion in revenue in 2024, more than doubling its earnings from the previous year. A January 31 financial report highlighted Kraken’s impressive $42.8 billion in assets, 2.5 million funded accounts, and a $665 billion total trade volume for 2024.

With such a robust financial standing, Kraken has the resources and market presence to aggressively expand its offerings, making this acquisition a natural next step. The addition of NinjaTrader’s futures trading capabilities could further solidify Kraken’s dominance in the crypto space.

This acquisition comes just weeks after Kraken’s major legal victory against the U.S. Securities and Exchange Commission (SEC). On March 3, Kraken announced that the SEC had agreed to dismiss its lawsuit against the exchange without penalties or admissions of wrongdoing. This regulatory win has removed a major obstacle, giving Kraken the confidence to move forward with significant expansion plans.

Adding to its momentum, Kraken has also climbed the ranks in industry recognition. A March 19 blog post from Kraken revealed that the exchange had secured the #3 spot in Kaiko’s Q1 2025 exchange rankings, up from #7 last year. Kaiko cited improvements in governance, security, and liquidity as key factors for Kraken’s rise.

With the deal set to close soon, the implications for crypto traders could be monumental. Futures and derivatives trading is a major revenue driver for top crypto exchanges, and Kraken’s entry into this space could shake up the competitive landscape. More importantly, Kraken’s acquisition of NinjaTrader signals a growing convergence between traditional finance and crypto markets—a trend that is only expected to accelerate in the coming years.

As the final details of this acquisition unfold, all eyes will be on Kraken to see how it leverages its biggest deal yet to redefine the future of crypto trading.