Kraken

An exchange in acquisition mode

Kraken, founded in 2011, was for a long time known as one of the most serious crypto exchanges in the market. In 2025, the U.S. platform clearly changed gears. Six acquisitions in twelve months, a fundraising of 800 million dollars at a valuation of 20 billion (with Citadel Securities and Jane Street among the investors), and a confidential presentation to the SEC in November 2025 for an IPO in 2026. The message is clear: Kraken no longer wants to be just a simple exchange.

The strategy is reminiscent of Coinbase's, but with a broader ambition: to simultaneously cover crypto-assets, traditional futures, tokenized stocks (RWA), and token management infrastructure. A positioning that no regulated platform has fully occupied yet.

March 2025: NinjaTrader acquired for 1.5 billion — the strong signal

The most notable acquisition remains that of NinjaTrader, completed in May 2025 for 1.5 billion dollars, the largest transaction ever made between the crypto sector and traditional finance (TradFi). NinjaTrader, founded in 2003, is the leading U.S. futures trading platform for individuals, with nearly 2 million traders and a Futures Commission Merchant (FCM) status authorized by the CFTC.

For Kraken, the benefit is twofold. On one hand, the platform inherits a CFTC license that allows it to offer futures and crypto derivatives in the United States. On the other, it integrates professional analytical tools and a 24/7 trading infrastructure. The capabilities of NinjaTrader will soon be integrated into Kraken Pro and Kraken Desktop. NinjaTrader continues to operate as an independent platform.
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