Kraken Makes Largest Crypto Acquisition In History

5. Kraken Strikes

U.S. crypto exchange Kraken is buying futures platform NinjaTrader for $1.5 billion in the largest ever deal between crypto and traditional finance. The acquisition will do two things: (1) allow NinjaTrader’s 1.9 million users to trade crypto futures and derivatives in the U.K., and (2), allow Kraken to expand futures and derivatives to the U.S.

As Kraken gears up for its IPO, it’s safe to question whether this was a good deal for the exchange. Unfortunately we don’t have any details regarding NinjaTrader’s revenue, but with ~1.9 million traders, Kraken is in a sense paying $800 per trader. In Kraken’s 2024 financials they reported Average Revenue Per User (ARPU) of $2,023. Combine the access to new markets for both Kraken and NinjaTrader and it’s possible the transaction was accretive. A lot of “possibles” and “ifs” here and we don’t know if Kraken paid in cash or equity, but our gut feeling is that the deal seems a bit odd.

Last month, it was reported that Kraken was in talks to buy options exchange Deribit at a value of $5 billion, so the NinjaTrader news came at a bit of a surprise. Kraken has been smart to date so we wish them the best of luck.

4. SEC Roundtable Begins

Today, the SEC’s Crypto Task Force is launching its first public roundtable (1–5 PM EST) to “assess the different types of crypto assets and determine their status under the federal securities laws.” It‘s basically the first step in a lengthy rule-making process – filled with proposals, public comments, and other dull bureaucratic tedium. At the same time, Congress could jump in with new laws that override whatever the SEC comes up with. Still, for anyone craving clarity around crypto regulation, this is the opening bell. Let the discussions begin!

3. Crypto’s “Fentanyl Problem” Isn’t All Bad for Investigators

Chainalysis finds transnational drug traffickers – including Mexican cartels – are turning to crypto to move funds for fentanyl precursor chemicals. Ironically, that blockchain trail means law enforcement can track these networks more easily than if they stayed in cash’s shadows. While criminals see crypto’s speed and global reach, investigators see a digital paper trail – one that can freeze accounts and disrupt operations in a way old-school laundering never allowed.

2. Trump Makes Splashy Appearance

Crypto markets briefly dipped yesterday – despite President Trump’s pep talk at Blockworks. Hopes for a fresh policy reveal fizzled, and traders shrugged it off. Trump again promised to end Choke Point 2.0, push pro-stablecoin regulation, and cement bitcoin’s place in American finance. The speech felt more like recycled talking points: same bullish rhetoric, no real fireworks. See the clip below.

1. Trump SPAC

Three executives at Trump Media & Technology Group have set up a $179 million SPAC to target a “cryptocurrency, blockchain, data security, and dual-use technologies” company. The question is, what company could they acquire with that money?