Key Takeaways
Kraken’s $1.5 billion acquisition of NinjaTrader marks the biggest traditional finance and crypto convergence.
The acquisition enhances Kraken’s capabilities in US futures and multi-asset trading, integrating both traditional and crypto markets.
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Leading crypto company Kraken announced today it has reached an agreement to acquire NinjaTrader, the US retail futures trading platform, for $1.5 billion. The final purchase price is subject to adjustments based on agreed-upon conditions.
The transaction, described as the largest-ever combination of traditional finance and crypto, aims to establish Kraken as a leader in US futures for both traditional and crypto markets while advancing its multi-asset-class strategy including plans for equity trading and payments.
“Traditional markets run on banking systems from the 1950s and post-WWII, 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. This transaction is the first step in our vision of an institutional-grade trading platform where any asset can be traded, anytime,” said Arjun Sethi, Kraken’s co-CEO.
NinjaTrader, founded in 2003, provides advanced futures trading tools to nearly two million traders and operates as a CFTC-registered Futures Commission Merchant. The company will continue operating as a standalone platform under Kraken’s suite of trading and payments applications.
“NinjaTrader’s mission has been to redefine retail futures trading, making it more accessible, cost-effective and trader-friendly. Joining forces with Kraken allows us to take this vision to a global scale, expanding our reach and unlocking innovative new use cases,” said Marty Franchi, CEO of NinjaTrader.
The acquisition provides strategic benefits including US futures capabilities through NinjaTrader’s CFTC-registered FCM license, global regulatory expansion opportunities, and seamless multi-asset trading for clients of both platforms.
The transaction is expected to close in the first half of 2025, subject to customary closing conditions.
The move comes after the US SEC agreed to dismiss its lawsuit against Kraken without requiring any admission of wrongdoing, imposing no penalties, and mandating no changes to its operations.
Following the SEC lawsuit dismissal, Kraken reportedly aims for an initial public offering (IPO) in early 2026.
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