Kraken to Acquire NinjaTrader for $1.5 Billion, Expanding into US Crypto Futures

TLDR

• Kraken is reportedly finalizing a $1.5 billion acquisition of NinjaTrader
• The deal could be confirmed as early as March 20, 2025
• This acquisition would allow Kraken to offer crypto futures and derivatives in the US
• NinjaTrader is expected to remain a standalone platform under Kraken
• The move aligns with Kraken’s strategy to expand across multiple asset classes

Cryptocurrency exchange Kraken is in the final stages of acquiring trading platform NinjaTrader for approximately $1.5 billion. This deal would mark a major expansion for Kraken, allowing it to offer cryptocurrency futures and derivatives to US customers.

The acquisition could be officially announced as soon as March 20, according to reports from The Wall Street Journal. People familiar with the matter indicate that the deal is nearly complete.

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

NinjaTrader’s registration as a Futures Commission Merchant is key to this deal. This registration will enable Kraken to legally offer crypto futures trading in the United States.

Kraken has been working to diversify its offerings across multiple asset classes. The company has plans for equities trading and payments services in addition to its core cryptocurrency business.

The deal would also help NinjaTrader expand its reach. The platform could potentially grow into markets in the United Kingdom, continental Europe, and Australia under Kraken’s ownership.

Despite the acquisition, NinjaTrader is expected to continue operating as a standalone platform. This approach will allow it to maintain its existing customer base while benefiting from Kraken’s resources.

Kraken reported $1.5 billion in revenue for 2024. The exchange also processed $665 billion in trading volume across its 2.5 million funded customer accounts during that period.

NinjaTrader brings a sizable user base to the table. The company recently reported that over 1.8 million customers use its futures trading tools.

This move follows Kraken’s November 2024 announcement about broadening its product offerings. At that time, the exchange closed its non-fungible token marketplace to focus on other growth areas.

Regulatory Shifts Favor Kraken’s Expansion

The timing of this acquisition is favorable for Kraken. In March 2025, the US Securities and Exchange Commission dropped its lawsuit against the exchange.

The SEC had previously alleged that Kraken was operating as an unregistered broker, dealer, exchange, and clearing agency. The case was dismissed with no penalties paid and no changes to Kraken’s business model.

Kraken is positioned to benefit from the current US regulatory environment. President Donald Trump has promised to make America the “crypto capital” of the world, potentially creating more favorable conditions for crypto businesses.

Founded in 2011 by Thanh Luu, Michael Gronager, and Jesse Powell, Kraken is now led by CEO Amir Orad. Orad, a former data analytics executive, took over the leadership role in July 2024.

Kraken consistently ranks among the top cryptocurrency exchanges by trading volume. Over the past three months, the platform has handled between $390 million and $4.4 billion in daily trades, according to data from CoinGecko.

Neither Kraken nor NinjaTrader immediately responded to requests for comment on the reported acquisition. If confirmed, the deal would represent one of the larger acquisitions in the cryptocurrency industry this year.