Kraken acquires NinjaTrader in $1.5 billion deal

Kraken is buying NinjaTrader for $1.5 billion, adding futures and derivatives trading to its platform, according to a report by Reuters, which claimed that the deal will be finalized in the first half of 2025. This gives Kraken direct access to regulated U.S. futures markets through NinjaTrader’s status as a Futures Commission Merchant (FCM).

Kraken was founded in 2011 and it operates under Payward Inc. and owns Crypto Facilities and CF Benchmarks. Meanwhile, NinjaTrader was founded in 2003, and it allegedly serves 1.8 million customers and specializes in futures trading tools with a registration as an FCM.

With the new acquisition, Kraken will reportedly be stepping into new markets, like the UK, continental Europe, and even Australia. The company is also working toward becoming a one-stop trading platform for both crypto and traditional assets, per the report.

Even when Kraken owns NinjaTrader, the company will continue to operate as an independent platform. That means users won’t see major changes right away. The transition is expected to be gradual, with Kraken focusing on expanding NinjaTrader internationally.

This acquisition comes at a time when crypto companies are pushing forward under President Donald Trump’s administration. The SEC recently dropped its lawsuit against Kraken last month, which accused the exchange of acting as an unregistered stock exchange.

Trump has positioned himself as pro-crypto, calling himself the “first crypto president.” His administration has been working to reduce restrictions on digital assets, creating an environment where companies like Kraken can expand aggressively.

Kraken prepares for IPO in 2026

While Kraken is growing its business, it’s also preparing for an initial public offering (IPO) in 2026, according to Bloomberg. The listing is expected to happen in the first quarter, making Kraken one of the few crypto firms to enter the public market.

The company has not confirmed a specific timeline, but in response to Bloomberg, it said it was closely watching the market. “We recently disclosed 2024 financial highlights to be more transparent about our business,” Kraken said. “We’ll pursue public markets as it makes sense for our clients, our partners, and shareholders.”

Financially, Kraken is growing fast. In 2024, its revenue doubled to $1.5 billion, with $380 million in adjusted earnings. That puts it behind Coinbase, which reported over $6 billion in revenue last year.

Trump administration continues to develop the crypto landscape

As Kraken moves forward, the White House is taking steps of its own. On Friday, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Small Business Administration head Kelly Loeffler attended the first-ever White House Digital Asset Summit. The event focused on government strategy for digital assets.

Trump celebrated the event on X, writing, “Welcome to the first-ever White House Digital Asset Summit. Last year, I promised to make America the Bitcoin superpower of the world, AND WE’RE TAKING HISTORIC ACTION TO DELIVER ON THAT PROMISE.”

A day before the summit, Trump signed an executive order creating a Strategic Bitcoin Reserve. Crypto czar David Sacks explained the plan on X, saying the reserve will be funded by Bitcoin seized by the federal government through civil and criminal asset forfeiture cases.

“The Reserve will be capitalized with Bitcoin owned by the federal government, meaning it will not cost taxpayers a dime,” Sacks wrote. “It is estimated that the U.S. government owns about 200,000 Bitcoin, but there has never been a full audit. The E.O. orders a complete accounting of the federal government’s digital asset holdings. The U.S. will not sell any Bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called ‘digital gold.’”

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