Kraken’s bold move signals a new era for crypto derivatives as it nears a $1.5 billion acquisition of futures platform NinjaTrader — a deal that could reshape its U.S. market position.
Kraken is reportedly closing in on a deal that would propel the exchange deep into the regulated crypto futures space. According to The Wall Street Journal, the crypto firm is set to acquire NinjaTrader for $1.5 billion — a strategic play to expand its product suite and secure access to U.S. derivatives markets.
Sources familiar with the matter suggest the deal could be finalized as early as March 20. Once confirmed, the acquisition would grant Kraken a powerful foothold through NinjaTrader’s Futures Commission Merchant (FCM) license — a necessary regulatory status for offering futures contracts in the United States.
A Strategic Leap into Crypto Derivatives
NinjaTrader, known for its futures trading tools used by over 1.8 million customers, would continue operating as a standalone platform under Kraken’s ownership. However, the deal opens doors for Kraken to offer regulated crypto futures and derivatives — one of the fastest-growing segments in digital assets.
For Kraken, this is more than just expansion. It’s a significant step toward becoming a multi-asset platform, with plans to roll out equities trading and payment services in the pipeline. Sources also revealed the deal positions NinjaTrader for international expansion into the UK, Europe, and Australia.
With this acquisition, Kraken is eyeing a slice of the global crypto derivatives market, where demand from institutional and retail investors has surged amid growing mainstream adoption.
Kraken’s Growth Momentum and Regulatory Wins
Kraken’s 2024 performance reflects strong momentum. The exchange posted $1.5 billion in revenue and processed $665 billion in trading volume across 2.5 million funded accounts. Over the last three months, it has consistently ranked among the top 15 exchanges globally, handling between $390 million and $4.4 billion in daily trades, per CoinGecko data.
The timing of this move is crucial. Earlier this month, the U.S. Securities and Exchange Commission dropped its lawsuit against Kraken, dismissing claims that the platform acted as an unregistered broker, dealer, exchange, and clearing agency. The case was closed with no penalties or changes to Kraken’s operations — a rare regulatory win in a highly scrutinized industry.
Crypto’s Regulatory Climate Shifts in the U.S.
Kraken’s acquisition push comes as the U.S. crypto regulatory landscape appears to be shifting. Under President Donald Trump’s administration, industry insiders anticipate a more relaxed environment. Trump has repeatedly vowed to position America as the global “crypto capital,” a stance that could accelerate market innovation and investment.
The Kraken-NinjaTrader deal could serve as a blueprint for other major exchanges seeking to expand their future offerings while navigating complex regulatory hurdles in the U.S.
What’s Next for Kraken — and the Industry?
If completed, this acquisition would mark one of the largest deals in the crypto space this year, setting Kraken up as a serious contender in the regulated derivatives market — an area long dominated by players like CME Group and Binance.
As the exchange sharpens its focus on futures and multi-asset offerings, the deal signals growing confidence that crypto derivatives are the next frontier — and Kraken intends to lead that charge.
Takeaway
Kraken’s $1.5 billion play for NinjaTrader isn’t just about futures — it’s a strategic bet on crypto’s long-term integration with traditional finance. If successful, it could redefine the competitive landscape and place Kraken at the center of America’s crypto derivatives boom.
