Kraken close to $1.5B acquisition of NinjaTrader for futures trading

Kraken, a prominent cryptocurrency exchange, is on the verge of purchasing NinjaTrader, a U.S. retail futures trading platform, in a historic deal valued at $1.5 billion.

As reported by The Wall Street Journal, citing sources with knowledge of the situation, an official announcement could come as soon as Thursday, Mar. 20.

This acquisition will enable Kraken to make use of NinjaTrader's Futures Commission Merchant license, thereby broadening the range of cryptocurrency futures and derivatives products it offers in the United States.

Founded in 2003, NinjaTrader caters to over 1.8 million retail investors. This deal would grant Kraken access to this extensive user base, while also facilitating NinjaTrader’s expansion into the UK, Europe, and Australia.

Kraken’s regulatory approvals, such as its Electronic Money Institution license from the UK’s Financial Conduct Authority and its MiFID license for the EU, could help streamline this process.

The deal is backed by Kraken’s robust financial position. As per its financial report released on Jan. 31, the exchange reported $1.5 billion in revenue for 2024, more than doubling its earnings from the previous year. The report indicates that the company holds $42.8 billion in assets and operates 2.5 million funded accounts. The total trade volume for 2024 reached $665 billion.

The timing of this acquisition coincides with Kraken’s recent legal triumph. On Mar. 3, the exchange announced that the U.S. Securities and Exchange Commission had agreed to drop its lawsuit against Kraken with no penalties or admission of wrongdoing. This legal outcome clears a significant regulatory hurdle as Kraken proceeds with its expansion plans.

Moreover, Kraken continues to earn recognition within the industry. According to a Mar. 19 post on its official blog, Kraken ranked 3rd in Kaiko’s Q1 2025 exchange rankings, up from 7th last year. This improvement can be attributed to enhancements in governance, security, and liquidity. Kraken remains the 10th largest exchange by trading volume, according to CoinMarketCap data.