Kraken Acquires NinjaTrader for $1.5 Billion

On March 20, 2025, Kraken announced it would acquire NinjaTrader for $1.5 billion. The deal closed in May 2025.

Since then, Kraken has been integrating NinjaTrader’s futures infrastructure into its platform under the Kraken Derivatives US brand, with NinjaTrader Clearing LLC serving as the registered Futures Commission Merchant for brokerage services.

Why Did Kraken Buy NinjaTrader?

In Kraken’s own words:

“This acquisition strengthens our position as a 24/7, always-on technology platform built for professional traders, making us a leader in U.S. futures for both traditional and crypto markets.”

This move positions Kraken as a 24/7 multi-asset trading platform serving both traditional and crypto markets. The combined entity already operates U.S. futures and crypto derivatives. Equities trading and payments are on the stated product roadmap. NinjaTrader’s global expansion into the UK, Europe, and Australia is enabled by Kraken’s existing regulatory licenses in those regions. The deal closed in May 2025, ahead of the original early-2026 timeline.

This partnership not only enhances Kraken’s offerings in crypto futures and derivatives in the US, but also facilitates NinjaTrader’s expansion into global markets including the UK, Europe, and Australia thanks to Kraken’s existing regulatory licenses.

The acquisition enables seamless multi-asset trading for clients of both companies, providing access to professional-grade analytics, execution engines, and liquidity in both futures and cryptocurrencies.

But just how strong is this this acquisition?

What the Deal Means for Traders

This is not just a corporate transaction. It changes what you can access depending on which platform you use today.

If you are a Kraken user: You gain access to U.S. futures markets through NinjaTrader Clearing LLC, a CFTC-registered Futures Commission Merchant. Margin and futures products for U.S. clients are now available via Kraken Derivatives US. Previously, Kraken U.S. clients had no direct futures access.

If you are a NinjaTrader user: Your brokerage services continue through NinjaTrader Clearing LLC. The platform is integrating into Kraken’s ecosystem, which means you will gain access to crypto spot and derivatives markets. Your existing accounts and funds remain under CFTC segregation requirements.

If you trade both: A single cross-asset account covering crypto, futures, and eventually equities is the stated goal. That is not live for all users yet. Watch Kraken’s product updates for rollout timelines.

Platform Comparison: Before and After the Deal

👉 Quick takeaway: Kraken brings global crypto licensing, a large retail user base, and international spot markets. NinjaTrader contributes U.S. futures infrastructure, an FCM license, and 2 million futures traders. Together they cover crypto spot, crypto derivatives, and U.S. futures under one roof for the first time.

Under the Hood of NinjaTrader

NinjaTrader, a leader in retail futures trading since 2003, brings to Kraken an established platform with nearly two million users and a CFTC-registered Futures Commission Merchant license. 

But how secure is it?

NinjaTrader is under regulatory requirement to provide Consumer Funds Segregation, also known as the separation of customer funds and operational funds.

This segregation helps to ensure the existence of collateral to back the exchange’s creditors (customers).  

The figures below come from NinjaTrader Clearing LLC’s disclosure dated March 19, 2025. This is a point-in-time snapshot from the day before the acquisition was announced. For current segregation data, check NinjaTrader Clearing LLC’s most recent disclosure documents, which are updated regularly under CFTC requirements.

• Amount Required to be Set Aside: $263,810,475 is required to be segregated for customer protection.
• Actual Funds Held:
  • Cash in Banks: $94,435,647
  • Securities in Banks: $196,656,540
  • Cash with Other Futures Commission Merchants: $2,018,881
  • Securities with Other Futures Commission Merchants: $19,648,200
  • Total Held: $312,759,268
• Excess Funds: The amount held exceeds the requirement by $48,948,793.

The combination of excess funds and the diversification of those funds indicates that NinjaTrader likely has enough capital to cover customer deposits during a downturn. 

Under the Hood of Kraken

Kraken publishes proof of reserves on a rolling basis. The most recent publicly cited snapshot was completed September 30, 2024. At that date, Kraken held 203,769 BTC against 183,938 BTC owed to customers, a collateral ratio of 110.78 percent. Ethereum, Solana, XRP, USDC, and USDT all showed ratios between 101 and 164 percent. Check Kraken’s live proof of reserves page for current figures.

Compare this to other centralized exchanges and banks throughout history. Most have dangerously held fractional reserves, which inevitably led to insolvency and bankruptcy.  

Based upon the above information, this merger seems like a match made in heaven for blending crypto and traditional finance in the United States. 

It means that nearly 2 million users from traditional finance will now have access to cryptocurrency. 

Likewise, cryptocurrency traders will have access to forex exchange and futures markets.

NinjaTrader has historically focused on U.S. retail futures traders. Under Kraken ownership, its global expansion is no longer speculative. Kraken holds existing regulatory licenses in the UK, Europe, and Australia, giving NinjaTrader a direct path into those markets without starting the licensing process from scratch.

How the Regulatory Structure Works Post-Acquisition

This is the part most articles skip. Here is how the legal and operational layers actually fit together.

Kraken Derivatives US is the entity that delivers futures and derivatives products to U.S. clients. It does not hold its own FCM license. Instead, it uses NinjaTrader Clearing LLC as its registered Futures Commission Merchant. NinjaTrader Clearing LLC is registered with both the CFTC and the NFA.

What that means for your money: NinjaTrader Clearing LLC is required by CFTC rules to segregate customer funds from operational funds at all times. That segregation requirement existed before the Kraken deal and continues under Kraken ownership.

What that means for your account: If you open a futures account through Kraken Derivatives US, NinjaTrader Clearing LLC is the legal counterparty for brokerage services. Your account is subject to NFA rules and CFTC oversight, not just Kraken’s internal policies.

Three things to verify before you fund an account:

1. Confirm your account agreement names NinjaTrader Clearing LLC as the FCM.
2. Check the current segregation disclosure on the NinjaTrader Clearing LLC disclosures page.
3. Verify the NFA registration ID for NinjaTrader Clearing LLC on the NFA BASIC database.

Frequently Asked Questions

Did the Kraken acquisition of NinjaTrader close?

Yes. The deal was announced March 20, 2025 and closed in May 2025.

Will Kraken clients be able to trade futures and crypto in the same account?

That is the stated goal. U.S. futures access via NinjaTrader Clearing LLC is already live through Kraken Derivatives US. A fully unified cross-asset account is still rolling out. Watch Kraken’s product update page for timelines.

Will NinjaTrader remain a standalone platform?

NinjaTrader Clearing LLC continues to operate as the registered FCM. The platform is integrating into Kraken’s ecosystem under the Kraken Derivatives US brand. It is not being shut down.

What happens to existing NinjaTrader customer accounts?

Existing accounts remain under NinjaTrader Clearing LLC’s FCM structure. CFTC segregation requirements continue to apply. Kraken’s support FAQ covers transition details for existing customers.

What asset classes will Kraken offer after the acquisition?

Currently: crypto spot, crypto derivatives, and U.S. futures via NinjaTrader Clearing. Equities trading and payments are on the roadmap but not yet live.

Are there regulatory approvals still pending?

The primary acquisition closed in May 2025. Ongoing regulatory disclosures and compliance filings continue as the integration expands into new products and markets. Check Kraken’s investor updates for the latest status.