From NinjaTrader to Magna, including the tokenized shares xStocks, Kraken has deployed more than $1.6 billion in acquisitions between March 2025 and February 2026. The objective: transform a simple crypto exchange into institutional multi-asset platform. Analysis.
In brief
- A massive acquisition strategy: in twelve months, Kraken acquired NinjaTrader, Backed Finance AG and Magna in particular to build a complete ecosystem around trading and crypto infrastructure.
- Multi-asset platform objective: crypto, regulated futures, automated trading and tokenized shares (RWA) are now brought together within the same environment, bringing Kraken closer to a model close to Bloomberg for digital markets.
- New features for users: 24/7 access to xStocks, trading automation via Capitalise.ai and progressive integration of professional tools inherited from NinjaTrader for individual and institutional traders.
An exchange in acquisition mode
Kraken, founded in 2011, has long been known as one of the most serious crypto exchanges on the market. In 2025, the American platform has clearly changed gear. Six acquisitions in twelve months, a fundraising $800 million at a valuation of $20 billion (with Citadel Securities and Jane Street among the 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 a simple exchange.
The strategy is reminiscent of Coinbase, but with a broader ambition: to simultaneously cover crypto-assets, traditional futures, tokenized stocks (RWA) and token management infrastructure. A positioning that no regulated platform has yet fully occupied.
March 2025: NinjaTrader bought for 1.5 billion — the strong signal
The most notable acquisition remains that of NinjaTraderfinalized in May 2025 for $1.5 billion, the largest transaction ever between the crypto sector and traditional finance (TradFi). NinjaTrader, founded in 2003, is the leading US retail futures trading platform, with nearly 2 million traders and a Futures Commission Merchant (FCM) status approved by the CFTC.
For Kraken, the benefit is twofold. On the one hand, the platform inherits a CFTC license which allows it to offer crypto-futures and derivatives in the United States. On the other hand, it integrates professional analytical tools and a 24-hour trading infrastructure. NinjaTrader capabilities will soon be integrated into Kraken Pro and Kraken Desktop. NinjaTrader continues to operate as a standalone platform.
March 2025: Capitalise.ai, automated trading without code
Simultaneously, Kraken acquired the assets and technology of Capitalise.aia no-code trading automation platform. The tool helps convert natural language into executable strategies in crypto, stocks, forex and options markets. An addition directly integrated into Kraken Pro, which meets a growing demand from retail traders wishing to automate their strategies without writing a line of code.
September 2025: Breakout and Small Exchange, focus on derivatives
In September 2025, Kraken doubled down with two complementary acquisitions.
Breakouta crypto prop trading platform, introduces rated trading programs and capital allocation mechanisms to traders around the world. A booming segment, particularly after the explosion of FTMO-type platforms in traditional finance.
Small Exchangebought for 100 million dollarsis a market regulated by the CFTC 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, the key to xStocks
One of the most strategic acquisitions of the year: Kraken bought Backed Finance AGthe Swiss fintech behind xStockstokens representing American stocks (TSLA, AAPL, NVDA, etc.) backed 1:1 with the real underlying assets, issued on Solana and Ethereum. Backed Finance was already the world's second largest provider of tokenized stocks with around 23% market share according to RWA.xyz.
By integrating Backed, Kraken now controls the entire chain: issuance, trading and settlement of tokenized shares. At the end of February 2026, the platform even launched the first perpetual futures on tokenized shares regulated worldwideavailable to non-US clients in over 110 countries, with up to 20x leverage on indices like the S&P 500 and Nasdaq 100 (not yet available in EEA). Cumulative xStocks Volume Exceeds $5 Billion
February 2026: Magna, the infrastructure for crypto projects
Latest acquisition to date (February 18, 2026): Magnathe leading token management platform for crypto projects, acquired by Payward (the parent company of Kraken) for an undisclosed amount. A former startup from Y Combinator (class of 2022), Magna was recently valued at $70 million according to PitchBook.
Magna manages vesting, distributions, airdrops and compliance workflows for crypto teams. The platform serves more than 160 customers with a Total Value Locked (TVL) peak of 60 billion dollars in 2025. By integrating Magna, Kraken can now support projects from their beginnings — long before they think about the liquidity of their token. A “cradle to coast” positioning.
What this actually changes for users
For a French or European retail trader, the transformation of Kraken is already reflected in new available functionalities: access to tokenized actions 24 hours a day (Apple, Tesla, Nvidia…) from 1 dollar without brokerage fees, automated trading without code via Capitalise.ai. For institutions and project founders, Kraken becomes a single point of contact from token management to stock market liquidity.
Be careful, however: xStocks do not confer shareholder rights (voting, takeover bid, etc.). These are creditor rights on collateral held in Switzerland and Jersey.
A wave of M&A in crypto
Kraken is not alone in this race for acquisitions but surely the most versatile. M&A transactions in the crypto sector have reached 37 billion dollars in 2025 according to Architect Partners, a record. Other exchanges are also increasing redemptions to expand their offers. The Kraken difference: a strategy clearly oriented towards CFTC and MiCA regulationsRWA 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 carrying a risk of capital loss. No conflict of interest declared.
Not exactly. Kraken has regulated licenses (CFTC, MiFID, FCA) but is not authorized as a banking institution. Its model is rather that of a multi-asset financial “super-app”.
Yes, for non-US customers in eligible countries including France. US tokenized shares and ETFs are accessible 24 hours a day via the Kraken application, under conditions. Visit kraken.com/legal/xstocks to check your eligibility.
Tokenization consists of representing a real-world asset (share, bond, fund, etc.) on a blockchain. Each token is backed 1:1 by the underlying asset. This enables 24-hour trading, near-instant settlements and global access without a traditional intermediary.
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