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Acquisition of leading U.S. retail futures trading platform accelerates Kraken's expansion into U.S. crypto futures and traditional finance markets.
March 20, 2025 – Kraken, a leading global cryptocurrency exchange, today announced it has entered into an agreement to acquire NinjaTrader, a premier U.S. retail futures trading platform, for $1.5 billion, subject to certain purchase price adjustments. This landmark deal, the largest-ever combining traditional finance (TradFi) and crypto, positions Kraken as a leader in U.S. futures for both traditional and crypto markets and accelerates its ambitions in equities trading and payments.
Founded in 2003, NinjaTrader provides advanced futures trading tools and services to nearly two million traders and operates as a CFTC-registered Futures Commission Merchant (FCM). The acquisition provides Kraken with a crucial pathway to offering cryptocurrency futures and derivatives trading to its U.S. customer base, a market where direct access to such products has been limited due to regulatory complexities.
"Traditional markets run on post-WWII, 1950s banking systems, exchanges that close at 4 p.m. ET and settlement delays that take days to resolve. Crypto rails fixed these issues, operating with efficient and real-time infrastructure. But legacy finance and crypto have remained separate ecosystems, until today," said Arjun Sethi, Kraken’s co-CEO. "This transaction is the first step in our vision of an institutional-grade trading platform where any asset can be traded, anytime."
Strategic Benefits of the Acquisition:
- U.S. Futures Market Entry: NinjaTrader’s CFTC-registered FCM license enables Kraken to offer crypto futures and derivatives to U.S. clients.
- Global Expansion for NinjaTrader: Kraken’s U.K. MiFID, EU MiFID, and Australian securities licenses accelerate NinjaTrader’s expansion into the U.K., Europe, and Australia.
- Seamless Multi-Asset Trading: Both Kraken and NinjaTrader clients will benefit from the ability to trade crypto, futures, and traditional financial products on a single platform.
- Enhanced Trading Tools: Clients gain access to NinjaTrader’s pro-grade analytics, execution engines, and futures liquidity, combined with Kraken’s best-in-class crypto liquidity and trading experience.
NinjaTrader will continue to operate as an independent brand under the Kraken umbrella, ensuring continuity for existing NinjaTrader clients. The synergy between the two platforms will be substantial, offering a more comprehensive trading experience for both retail and institutional investors.
Kraken's acquisition of NinjaTrader follows other strategic moves to expand its global presence and product offerings. Last month, Kraken acquired a company in Cyprus to secure a Markets in Financial Instruments Directive (MiFID) license, allowing it to offer derivatives across the European Economic Area. Additionally, Kraken recently obtained an Electronic Money Institution (EMI) license from the UK's Financial Conduct Authority (FCA), further bolstering its growth plans in the United Kingdom.
The potential acquisition of NinjaTrader also comes on the heels of the SEC dropping its lawsuit against Kraken, a case initiated under the previous SEC Chair Gary Gensler.
The transaction is subject to customary closing conditions and is expected to be completed by the end of the first half of 2025.
About Kraken:
Kraken is a leading cryptocurrency exchange offering a wide range of digital assets and trading services to millions of clients worldwide. Founded in 2011, Kraken is committed to providing a secure, reliable, and innovative platform for trading and investing in cryptocurrencies.
About NinjaTrader:
NinjaTrader is a leading U.S. retail futures trading platform providing advanced futures trading tools to nearly two million traders. Founded in 2003, NinjaTrader operates as a CFTC-registered Futures Commission Merchant (FCM), offering a comprehensive suite of analytics, execution, and automation tools for futures trading.
Compiled by CMO Intern team
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