Kraken - A Versatile Exchange: Six Acquisitions in One Year to Become the Bloomberg of Crypto
From NinjaTrader to Magna, including tokenized stocks xStocks, Kraken deployed over 1.6 billion dollars in acquisitions between March 2025 and February 2026. The goal: to transform a simple crypto exchange into an institutional multi-asset platform. Analysis.
In brief
- A massive acquisition strategy: in twelve months, Kraken notably bought NinjaTrader, Backed Finance AG, and Magna to build a complete ecosystem around crypto trading and infrastructure.
- Multi-asset platform objective: crypto, regulated futures, automated trading, and tokenized stocks (RWA) are now gathered within a single environment, bringing Kraken closer to a Bloomberg-like model for digital markets.
- New features for users: access to xStocks 24/7, automated trading via Capitalise.ai, and gradual integration of professional tools inherited from NinjaTrader for retail and institutional traders.
An exchange in acquisition mode
Kraken, founded in 2011, was long known as one of the most serious crypto exchanges on the market. In 2025, the American platform clearly shifted gears. Six acquisitions in twelve months, a raise of 800 million dollars 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 a simple exchange.
The strategy recalls Coinbase’s, but with a broader ambition: simultaneously cover crypto assets, traditional futures, tokenized stocks (RWA), and token management infrastructure. A positioning no regulated platform has fully occupied yet.
March 2025: NinjaTrader bought for 1.5 billion — a strong signal
The most notable acquisition remains that of NinjaTrader, completed in May 2025 for 1.5 billion dollars, the largest deal ever conducted between the crypto sector and traditional finance (TradFi). Founded in 2003, NinjaTrader is the main American futures trading platform for individuals, with nearly 2 million traders and a status as a Futures Commission Merchant (FCM) licensed by the CFTC.
For Kraken, the benefit is twofold. On one side, the platform inherits a CFTC license allowing it to offer crypto futures and derivatives in the United States. On the other, it integrates professional analytical tools and 24/7 trading infrastructure. NinjaTrader’s capabilities will soon be integrated into Kraken Pro and Kraken Desktop. NinjaTrader continues to operate as an independent platform.
March 2025: Capitalise.ai, code-free automated trading
Simultaneously, Kraken acquired the assets and technology of Capitalise.ai, a code-free trading automation platform. The tool allows converting natural language into executable strategies on crypto, stocks, forex, and options markets. An addition directly integrated into Kraken Pro, responding to a growing demand from retail traders wishing to automate strategies without writing a single line of code.
September 2025: Breakout and Small Exchange, focus on derivatives
In September 2025, Kraken doubled down with two complementary acquisitions.
Breakout, a crypto prop trading platform, introduces evaluated trading programs and capital allocation mechanisms for traders worldwide. A booming segment, especially after the explosion of FTMO-like platforms in traditional finance.
Small Exchange, bought for 100 million dollars, is a CFTC-regulated market specialized in US futures and derivatives, including event-based contracts (prediction markets). This acquisition directly strengthens Kraken’s offering of regulated derivatives in the United States.
December 2025: Backed Finance, the key to xStocks
One of the most strategic acquisitions of the year: Kraken bought Backed Finance AG, the Swiss fintech behind xStocks, tokens representing American 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 provider of tokenized stocks with about 23% market share according to RWA.xyz.
By integrating Backed, Kraken now controls the entire chain: issuance, trading, and settlement of tokenized stocks. At the end of February 2026, the platform even launched the world’s first regulated perpetual futures on tokenized stocks, available to non-American clients in over 110 countries, with leverage up to 20x on indices like the S&P 500 and Nasdaq 100 (not yet available in EEA). The cumulative volume of xStocks has surpassed 5 billion dollars
February 2026: Magna, the infrastructure for crypto projects
Latest acquisition (February 18, 2026): Magna, the main token management platform for crypto projects, bought by Payward (Kraken’s parent company) for an undisclosed amount. A former startup from Y Combinator (class of 2022), Magna was most recently valued at 70 million dollars according to PitchBook.
Magna manages vesting, distributions, airdrops, and compliance workflows for crypto teams. The platform serves over 160 clients with a peak Total Value Locked (TVL) of 60 billion dollars in 2025. By integrating Magna, Kraken can now support projects from their start — well before they think about their token’s liquidity. A “cradle to listing” positioning.
What this concretely changes for users
For a French or European retail trader, Kraken’s transformation already translates into new available features: access to tokenized stocks 24/7 (Apple, Tesla, Nvidia…) from 1 dollar with no brokerage fees, code-free 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.
However, note: xStocks do not confer shareholder rights (voting, tender offers…). They are creditor rights on collateral held in Switzerland and Jersey.
A wave of M&A in crypto
Kraken is not alone in this acquisition race but surely the most versatile. Mergers and acquisitions in the crypto sector reached 37 billion dollars in 2025 according to Architect Partners, a record. Other exchanges are also multiplying purchases to expand their offerings. Kraken’s difference: a clearly focused strategy on CFTC and MiCA regulation, RWA assets, and institutional infrastructure.
⚠️ Warning: 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 declared.
Not exactly. Kraken holds regulated licenses (CFTC, MiFID, FCA) but is not authorized as a banking institution. Its model targets a “super-app” for multi-asset financial services.
Yes, for non-American clients in eligible countries including France. US tokenized stocks and ETFs are accessible 24/7 via the Kraken app under conditions. Check kraken.com/legal/xstocks to verify your eligibility.
Tokenization involves representing a real-world asset (stock, bond, fund…) on a 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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