San Francisco-based cryptocurrency exchange Kraken has undertaken a remarkable buying spree over the past year, acquiring six companies across the traditional finance and digital asset sectors as part of what appears to be a strategic push toward its planned initial public offering in 2026. 

The exchange's acquisition activity, which includes deals totaling over $1.6 billion, signals its ambition to transform from a pure-play crypto platform into a multi-asset trading powerhouse capable of competing with established financial institutions.

The flurry of purchases comes as Kraken filed confidential registration documents with the Securities and Exchange Commission in November 2025, targeting a first-quarter 2026 listing at a valuation of $20 billion.

Kraken's Acquisitions: A Full List

TradeStation Crypto (April 2024)

Kraken's acquisition wave began in April 2024 with the purchase of TradeStation Crypto, the digital assets division of online brokerage TradeStation. The deal, for which financial terms were not disclosed, gave Kraken access to money transmitter licenses in 47 US states, Washington DC, and Puerto Rico.

"The transaction is part of our efforts to accelerate our U.S. presence and will unlock further growth and new product opportunities for Kraken in the U.S.," a Kraken spokesperson said at the time. 

NinjaTrader (March/May 2025)

Kraken announced its largest acquisition to date in March 2025, agreeing to purchase NinjaTrader, a retail futures trading platform, for $1.5 billion. The deal closed in May 2025, marking what the companies called the largest transaction combining traditional finance and cryptocurrency.

Founded in 2003, NinjaTrader operates as a CFTC-registered Futures Commission Merchant and provides trading tools to nearly two million users. The acquisition gave Kraken access to regulated futures markets and the ability to offer crypto futures and derivatives to US customers.

"Together, Kraken and NinjaTrader will power the integration of traditional markets with crypto by offering cutting edge tools and the ability to rapidly move across asset classes that the most sophisticated traders demand," said Marty Franchi, CEO of NinjaTrader.

Capitalise.ai (August 2025)

In August 2025, Kraken acquired the assets and technology of Capitalise.ai, an Israel-based provider of no-code trading automation. Founded in 2015, Capitalise.ai developed a natural-language platform that transforms text into executable trading strategies across equities, crypto, foreign exchange, futures, and options.

The technology enables users to design, backtest, and automate complex trading strategies without writing code. Shannon Kurtas, Kraken's Head of Exchange, said the acquisition represents a major leap forward in democratizing access to professional-grade trading tools. The functionality is expected to be integrated into Kraken Pro through a phased rollout.

Breakout (September 2025)

Kraken completed the acquisition of Breakout, a proprietary trading platform, in September, 2025. The deal, for which financial terms were not disclosed, gives qualified traders access to up to $200,000 in notional capital after passing performance evaluations.

"Breakout gives us a way to allocate capital based on proof of skill rather than access to capital itself," said Arjun Sethi, Kraken's co-CEO. 

The platform, which supports more than 50 crypto trading pairs with up to five times leverage on Bitcoin and Ethereum contracts, will be integrated into Kraken Pro over time.

Small Exchange (October 2025)

Kraken acquired Small Exchange from IG Group for $100 million in October 2025, gaining a CFTC-licensed Designated Contract Market. The deal included $32.5 million in cash and $67.5 million in Kraken stock.

The DCM license allows Kraken to design and create markets for exchange-listed derivatives in the U.S. under CFTC oversight. 

"This step connects spot, futures and margin products inside a single regulated liquidity system, reducing fragmentation, lowering funding latency and bringing onshore the kind of access and performance that has mostly existed offshore," Sethi said.

Backed Finance (December 2025)

Kraken's most recent acquisition came in December 2025 with the purchase of Backed Finance, the Switzerland-based issuer behind xStocks, which are tokenized representations of stocks and exchange-traded funds. The transaction brings the tokenization technology in-house and enhances Kraken's real-world asset offerings.

According to Block319's reporting, the acquisition strengthens Kraken's position in the growing market for tokenized securities, which allow investors to trade fractional shares of traditional assets on blockchain infrastructure. 

The xStocks platform had already surpassed $2.5 billion in combined centralized and decentralized exchange volume by late 2025.

Kraken's IPO Strategy

The timing and scale of Kraken's acquisitions appear closely tied to its plans to go public in 2026. 

In November 2025, Kraken confidentially filed a draft registration statement with the SEC and raised $800 million at a $20 billion valuation, with backing from institutional investors including Citadel Securities and Jane Street.

The acquisitions position Kraken to compete with Coinbase, currently the only major US crypto exchange trading on public markets. While Coinbase has focused on expanding cryptocurrency offerings, Kraken has pursued a broader multi-asset strategy encompassing traditional futures, equities, and tokenized securities alongside digital assets.

By purchasing regulated entities with established licenses and proven revenue models, Kraken has effectively accelerated its transformation into a comprehensive financial platform. The exchange reported $1.5 billion in revenue for 2024 and is expected to exceed $2.5 billion in 2025, with third-quarter results showing platform transaction volume of $576.8 billion.

As Kraken moves closer to its anticipated IPO, its evolution from a crypto-native exchange into a regulated multi-asset platform positions it as a potential alternative to traditional brokerage firms for investors seeking combined access to both digital and traditional financial markets.

Sources

• Allied Venture Partners: Kraken IPO: Expected Timeline & How to Invest in the Crypto Exchange’s Public Offering
• Bloomberg: Kraken Expands US Derivatives Business in $100 Million IG Deal
• Block319: Kraken Acquires Backed in Ongoing RWA Push
• Kraken: Kraken acquires a CFTC-regulated Designated Contract Market, expanding derivatives footprint in the U.S. market
• Kraken: Get funded to trade crypto: Kraken x Breakout is live
• BusinessWire: Kraken Completes Major Acquisition of Breakout to Offer Prop Trading to Clients Globally
• BusinessWire: Kraken Acquires Capitalise.ai to Bring No-Code Trading Automation to Kraken Pro
• Kraken: Announcing the acquisition of Capitalise.ai, bringing no-code trading automation to Kraken Pro
• CoinDesk: Kraken Is Buying TradeStation Crypto, Expanding Cryptocurrency Exchange's U.S. Reach
• NinjaTrader: Kraken to Acquire NinjaTrader: Introducing the Next Era of Professional Trading
• BusinessWire: Kraken Completes Acquisition of NinjaTrader
• Kraken: Kraken to Acquire NinjaTrader: Introducing the Next Era of Professional Trading
• Kraken: Kraken Acquires Staked to Support Growth and Resilience in One of Largest Crypto Industry Deals to Date
• CNBC: Kraken confidentially files for IPO following $800 million raise

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