Quick take:
Wall Street Journal reported that the announcement could come as soon as Thursday.
NinjaTrader will continue to operate as a standalone platform under Kraken.
The move will help the crypto exchange platform to expand across several asset classes including equities trading and payments.
Crypto exchange platform Kraken is reportedly buying U.S. futures trading platform NinjaTradre in a $1.5 billion deal. According to the report by the Wall Street Journal, the company could use the deal to expand its asset offerings and increase its user base.
The crypto exchange platform currently boasts 2.5 million funded customer accounts according to its 2024 accounts, while NinjaTrader claims 1.8 million customers use its futures trading platform.
People familiar with the matter told the publisher that the news could be announced as soon as Thursday, with NinjaTrader set to continue to operate as a standalone platform under Kraken.
The deal could accelerate Kraken’s expansion strategy, enabling it to work across several asset classes including equity trading and payments, whilst also providing an avenue for NinjaTrader to expand into the UK, continental Europe and the Australian markets, sources told WSJ.
The news comes following a series of developments at Kraken, which shut down its NFT platform last month. Earlier this month, the SEC also dropped its lawsuits against the crypto exchange platform amid what is being viewed as a more pro-crypto approach by the new administration.
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