Kraken Completes $1.5 Billion NinjaTrader Acquisition in Largest TradFi-Crypto Deal

Cryptocurrency exchange Kraken has completed its $1.5 billion acquisition of NinjaTrader, the leading US retail futures trading platform, marking what the companies describe as the largest-ever deal combining traditional finance and cryptocurrency markets.

The transaction, first announced in March, positions Kraken as a leader in both traditional and crypto futures trading whilst advancing the exchange's multi-asset ambitions. NinjaTrader will continue operating as a standalone platform within Kraken's suite of trading applications.

Founded in 2003, NinjaTrader provides advanced futures trading tools to nearly two million traders and operates as a CFTC-registered Futures Commission Merchant. The acquisition gives Kraken access to NinjaTrader's FCM licence, enabling it to offer crypto futures and derivatives in the US market.

"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.

The deal enables cross-platform trading capabilities, with crypto traders gaining access to traditional derivatives through Kraken's platform and derivatives traders accessing crypto markets via NinjaTrader. Kraken plans to introduce additional asset classes including stocks, prediction markets and options to both platforms.

"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.

Kraken, which serves more than 15 million clients globally, has already begun offering commission-free trading for over 11,000 US-listed stocks and ETFs to its crypto traders. The company operates under regulatory licences in the UK, EU and Australia, which will accelerate NinjaTrader's international expansion.

The acquisition adds to Kraken's portfolio of previous integrations including Cryptowatch for real-time analytics, Crypto Facilities for regulated derivatives, CF Benchmarks as an index provider, and Staked for staking infrastructure.

NinjaTrader was majority-backed by Long Ridge Equity Partners prior to the acquisition. The transaction was subject to customary closing conditions and regulatory approvals.

NinjaTrader's capabilities will be integrated into Kraken Pro and Kraken Desktop applications in the coming months, the companies said.