Kraken's $2.75B acquisition spree builds a crypto-finance powerhouse

Kraken parent Payward has closed a string of acquisitions totaling $2.75 billion in disclosed deal value over the past 18 months, buying futures platforms, a stablecoin payments firm, and derivatives infrastructure. The biggest piece: NinjaTrader, a retail futures and FX platform, acquired for $1.5 billion in March 2025.

The purchases give Kraken regulated US futures access, Asian cross-border payment rails via Hong Kong-based Reap ($600 million, closed July 1), and additional derivatives licenses through Small Exchange ($100 million) and Bitnomial (up to $550 million). Co-CEO Arjun Sethi described the strategy as vertical integration through M&A.

Kraken reported $2.2 billion in revenue for 2025 on $2 trillion in transaction volume. Deutsche Börse bought a 1.5% stake in Payward for $200 million in April 2026, implying a parent-company valuation near $13.3 billion. Private market estimates have since put the figure at roughly $20 billion.

The integration carries risks. Kraken now operates under multiple regulators across crypto, futures, FX, and payments. NinjaTrader’s existing user base has never touched a digital asset. Stablecoin-powered payments, a fast-growing use case in Asia, rely on Kraken’s ability to mesh Reap’s technology with its own settlement engine, several traders said.

Coinbase has focused on custody and staking; Binance has been blocked from similar regulated acquisitions. Kraken’s bet is that owning the trading infrastructure, payment rails, and derivatives platform lets it capture value at each layer without relying on outside partners.

Mastercard recently tested a single-audit stablecoin compliance tool with Borderless.xyz, a sign that stablecoin payment infrastructure is drawing mainstream validation.