TLDR
- Kraken is close to acquiring NinjaTrader for $1.5 billion, with the deal potentially being announced as early as March 20.
- The acquisition would allow Kraken to offer crypto futures and derivatives in the US through NinjaTrader’s registration as a Futures Commission Merchant.
- NinjaTrader is expected to remain a standalone platform under Kraken’s suite of trading applications.
- Kraken reported $1.5 billion in revenue and $665 billion in trading volume in 2024, while NinjaTrader’s futures trading tools are used by over 1.8 million customers.
- The deal aligns with Kraken’s strategy to expand across multiple asset classes, including plans for equities trading and payments.
Cryptocurrency exchange Kraken is on the verge of completing a major acquisition that could reshape its market position. The company is reportedly finalizing a $1.5 billion deal to purchase NinjaTrader, a US retail futures trading platform.
The acquisition could be announced as soon as March 20, according to sources familiar with the matter. This timeline suggests the two companies are in the final stages of negotiation.
NinjaTrader, founded in 2003, offers futures trading tools used by more than 1.8 million customers. The platform has built a strong user base over its two decades of operation.
The cryptocurrency exchange Kraken is nearing a $1.5 billion deal for NinjaTrader, a U.S. retail futures trading platform, according to people familiar with the matter https://t.co/9oFX2oopZC
— WSJ Markets (@WSJmarkets) March 19, 2025
Kraken, officially known as Payward, was founded in 2011 and has grown into one of the leading cryptocurrency exchanges. The company offers trading services for various digital assets including bitcoin and ether.
The company has shown strong growth in recent years. Kraken reported $1.5 billion in revenue and $665 billion in trading volume from 2.5 million funded customer accounts in 2024.
This strategic move would enable Kraken to offer cryptocurrency futures and derivatives in the United States. This capability comes through NinjaTrader’s registration as a Futures Commission Merchant.
Under the terms being discussed, NinjaTrader would continue to operate as a standalone platform. It would join Kraken’s suite of trading and payments applications while maintaining its brand identity.
The acquisition aligns with Kraken’s broader strategy to expand across multiple asset classes. The company has previously indicated plans to venture into equities trading and payments services.
The deal would also support NinjaTrader’s expansion into new markets. These include the United Kingdom, continental Europe, and Australia, according to people familiar with the negotiations.
One of the largest deals in the cryptocurrency industry
This acquisition would rank among the largest deals in the cryptocurrency industry. Large-scale mergers and acquisitions remain relatively uncommon in the crypto sector.
The timing coincides with what many see as a more favorable regulatory environment for cryptocurrency companies in the US. President Trump has publicly stated his intention to make America the “crypto capital” of the world.
Earlier this month, Kraken saw a positive regulatory development. The US Securities and Exchange Commission dropped its lawsuit against the company on March 3.
The SEC had previously alleged that Kraken acted as an unregistered broker, dealer, exchange, and clearing agency. The suit was dismissed with prejudice, with no admission of wrongdoing and no penalties paid.
Kraken’s leadership has evolved recently. The company was co-founded by Thanh Luu, Michael Gronager, and former CEO Jesse Powell. Last July, former data analytics executive Amir Orad took over as CEO.
The company currently ranks among the top cryptocurrency exchanges by spot trading volume. Kraken handles between $390 million and $4.4 billion in daily trades, according to recent data from CoinGecko.
This acquisition comes after Kraken announced plans to broaden its product offerings last November. At that time, the company shuttered its non-fungible token marketplace to focus on core trading services.
If completed, the deal would give Kraken access to NinjaTrader’s established customer base. This would complement Kraken’s existing 2.5 million funded accounts with NinjaTrader’s 1.8 million users.
The combined entity would be better positioned to compete with larger exchanges. For comparison, Coinbase Global, the largest cryptocurrency exchange in the US, reported over $6 billion in revenue last year.
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