From NinjaTrader to Magna, including tokenized xStocks, Kraken has deployed more than $1.6 billion in acquisitions between March 2025 and February 2026. The goal: to turn a simple crypto exchange into institutional multi-asset platform. Analysis.
In short
- Massive acquisition strategy: in twelve months, Kraken bought NinjaTrader, Backed Finance AG and Magna in particular to build a complete ecosystem around cryptocurrency trading and infrastructure.
- The goal of a multi-asset platform: crypto, regulated futures, automated trading and tokenized equities (RWAs) are now gathered in a single environment, bringing Kraken closer to a Bloomberg-like model for digital markets.
- New features for users: 24/7 access to xStocks, automated trading through Capitalise.ai and gradual integration of professional tools inherited from NinjaTrader for retail and institutional traders.
Exchange by way of acquisition
Founded in 2011, Kraken has long been known as one of the most serious crypto exchanges on the market. In 2025, the American platform has clearly shifted gears. Six acquisitions in twelve months, an increase of $800 million at a valuation of $20 billion (with Citadel Securities and Jane Street among investors), and a confidential filing with the SEC in November 2025 for an IPO in 2026. The message is clear: Kraken no longer wants to be just an exchange.
The strategy is reminiscent of Coinbase, but with broader ambitions: simultaneously covering crypto assets, traditional futures, tokenized shares (RWA) and token management infrastructure. Positioning, no regulated platform is fully occupied yet.
March 2025: NinjaTrader bought for 1.5 billion – a strong signal
The most notable acquisition remains an acquisition NinjaTradercompleted in May 2025 for $1.5 billion, the largest deal ever made between the crypto sector and traditional finance (TradFi). Founded in 2003, NinjaTrader is America’s premier futures trading platform for individuals with nearly 2 million merchants and Futures Commission Merchant (FCM) status licensed by the CFTC.
For the Kraken, the advantage is twofold. On the one hand, the platform will inherit a CFTC license that allows it to offer crypto futures and derivatives in the United States. On the other hand, it integrates professional analytical tools and 24/7 trading infrastructure. NinjaTrader capabilities will soon be integrated into Kraken Pro and Kraken Desktop. NinjaTrader continues to operate as an independent platform.
March 2025: Capitalise.ai, automated trading without code
At the same time, Kraken acquired property and technology Capitalise.aia no-code trading automation platform. The tool allows you to convert natural language into actionable strategies in the crypto, stock, forex and options markets. A plugin directly integrated into Kraken Pro that responds to the growing demand from retailers who want to automate strategies without writing a single line of code.
September 2025: Breakout and Small Exchange, focus on derivatives
In September 2025, Kraken doubled in size with two complementary acquisitions.
Breakoutcryptoprop trading platform, presents ranked trading programs and capital allocation mechanisms for traders worldwide. A growing segment, especially after the explosion of FTMO-like platforms in traditional finance.
Small exchangebought for 100 million dollarsis a CFTC-regulated market specializing in US futures and derivatives, including event-based contracts (prediction markets). This acquisition directly strengthens Kraken’s regulated derivatives offering in the United States.
December 2025: Backed Finance, key to xStocks
One of the most strategic acquisitions of the year: bought Kraken Backed Finance AGSwiss fintech behind xStockstokens representing US stocks (TSLA, AAPL, NVDA…) backed 1:1 by real underlying assets issued on Solana and Ethereum. Backed Finance was already the world’s second largest tokenized equity provider with approx 23% market share according to RWA.xyz.
With the Backed integration, Kraken now controls the entire chain: issuing, trading and settlement of tokenized shares. At the end of February 2026, the platform even launched as the first in the world regulated perpetual tokenized equity futuresavailable to non-US clients in over 110 countries, with leverage of up to 20x on indices such as the S&P 500 and Nasdaq 100 (not yet available in the EEA). The cumulative volume of xStocks exceeded 5 billion dollars
February 2026: Magna, infrastructure for crypto projects
Last acquisition (February 18, 2026): Magnaa major token management platform for crypto projects that has been acquired by Payward (Kraken’s parent company) for an undisclosed amount. Magna, a former Y Combinator startup (class of 2022), was last valued at $70 million, according to PitchBook.
Magna manages deposits, distributions, airdrops and compliance workflows for crypto teams. The platform serves via 160 customers with a maximum total value locked (TVL). $60 billion in 2025. Thanks to Magna’s integration, Kraken can now support projects from their inception – long before they think about the liquidity of their token. A “cradle to list” location.
What exactly does it change for the user?
For a French or European retailer, Kraken’s transformation is already reflected in the new features available: access to tokenized shares 24/7 (Apple, Tesla, Nvidia…) from $1 with no brokerage fees, no code automated trading via Capitalise.ai. For institutional clients and project founders, Kraken becomes a single point of contact from token management to stock market liquidity.
Note: xStocks do not grant shareholder rights (voting, tender offers…). they are rights of creditors to collateral in Switzerland and Jersey.
A wave of mergers and acquisitions in cryptocurrencies
Kraken is not alone in this acquisition race, but certainly the most versatile. Mergers and acquisitions in the crypto sector have reached $37 billion in 2025 a record according to Architect Partners. Other exchanges are also multiplying purchases to expand their offerings. Kraken’s difference: a clearly focused strategy on CFTC and MiCA RegulationRWA assets and institutional infrastructure.
⚠️ Disclaimer: This article is provided for informational purposes only. It does not constitute investment advice or a recommendation to buy or sell financial assets. Crypto assets are highly volatile instruments with a risk of capital loss. No conflict of interest was declared.
Not exactly. Kraken holds regulated licenses (CFTC, MiFID, FCA) but is not authorized as a banking institution. Its model focuses on a “super-app” for multi-asset financial services.
Yes, for non-US clients in eligible countries including France. US tokenized stocks and ETFs are available 24/7 through the Kraken app subject to terms. Check kraken.com/legal/xstocks to verify your eligibility.
Tokenization involves the representation of a real asset (stock, bond, fund…) on the blockchain. Each token is backed 1:1 by the underlying asset. This enables 24/7 trading, near-instant settlement and global access without traditional intermediaries.
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