Kraken acquires US retail derivatives platform NinjaTrader for $1.5 billion

Kraken has entered into an agreement to acquire futures trading platform NinjaTrader for $1.5 billion, marking the largest deal to date integrating traditional finance and crypto markets.

Announced on March 20, the acquisition significantly expands Kraken’s presence in the US futures sector, leveraging NinjaTrader’s status as a CFTC-registered Futures Commission Merchant.

Founded in 2003, NinjaTrader provides advanced trading tools and analytics to approximately two million traders and offers futures trading across traditional asset classes.

This strategic move aligns with Kraken’s broader ambitions of establishing a comprehensive, institutional-grade trading environment bridging traditional financial instruments and crypto markets.

Arjun Sethi, Kraken’s co-CEO, underlined this intent, stating traditional markets rely on outdated infrastructure, such as limited trading hours and prolonged settlement processes. Integrating NinjaTrader’s capabilities with Kraken’s crypto infrastructure may enable a more seamless, always-on trading ecosystem that transcends traditional limitations. He said,

“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.”

The deal is particularly noteworthy given its potential regulatory implications. NinjaTrader’s existing licensing allows Kraken to expand its crypto derivatives offerings legally within the US, a market that has been historically cautious of crypto derivatives platforms.

Additionally, Kraken’s existing regulatory licenses in the U.K., Europe, and Australia are anticipated to facilitate NinjaTrader’s expansion into these regions, potentially broadening both entities’ global footprint.

Furthermore, the acquisition suggests an accelerating merging of traditional and digital finance. NinjaTrader CEO Marty Franchi highlighted the compatibility of both companies’ visions—emphasizing trader accessibility, cost efficiency, and flexibility—as central to the merger’s rationale. Franchi said,

“NinjaTrader’s mission has been to redefine retail futures trading, making it more accessible, cost-effective and trader-friendly”

Both companies aim to deliver an integrated trading experience across asset classes, offering institutional and retail traders enhanced liquidity, reduced barriers to entry, and improved market responsiveness.

Kraken’s previous acquisitions, including platforms such as Cryptowatch, CF Benchmarks, and staking provider Staked, reflect a consistent strategy focused on infrastructure enhancement and diversification of product offerings.

NinjaTrader will continue operations under Kraken’s ownership, maintaining its standalone brand identity while benefitting from expanded trading capabilities facilitated by Kraken’s resources.

The transaction is expected to close within the first half of 2025, pending customary regulatory approvals. PJT Partners provided financial advisory services for Kraken and Jefferies LLC for NinjaTrader.

In a broader industry context, this acquisition is part of an increased consolidation between crypto exchanges and traditional finance platforms amid changing US crypto regulations.

Going forward, further mergers of this scale could reshape US market infrastructure as crypto companies look to take advantage of regulatory clarity.

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