Kraken Strengthens U.S. Market Presence with $100 Million Acquisition of Small Exchange

Kraken, one of the leading global cryptocurrency exchanges, has strengthened its presence in the U.S. derivatives market by acquiring Small Exchange, a U.S.-licensed trading platform, from IG Group (IGG) for $100 million. The deal includes $32.5 million in cash and $67.5 million in Kraken stock, according to IG’s announcement on Thursday.

This acquisition positions Kraken as a designated contract market (DCM) in the United States through Small Exchange’s existing Commodity Futures Trading Commission (CFTC) licensing. The move allows Kraken to directly offer regulated derivatives and futures trading to U.S. investors—an increasingly competitive area in the crypto sector.

Earlier this year, Kraken made headlines with its $1.5 billion purchase of NinjaTrader, another derivatives-focused trading platform. The addition of Small Exchange further enhances Kraken’s infrastructure, expanding its product suite and market access for institutional and retail traders seeking crypto futures exposure.

The acquisition also strategically supports Kraken’s long-anticipated initial public offering (IPO) in 2026. By deepening its regulatory and operational foothold in the U.S. market, Kraken aims to position itself as a dominant force among exchanges offering both spot and derivatives trading services.

Industry experts view this acquisition as a calculated step in Kraken’s growth strategy amid tightening global crypto regulations. With the CFTC’s approval, Kraken now joins the ranks of exchanges that can bridge traditional finance and digital assets under a compliant framework—an advantage that could prove pivotal as institutional interest in crypto derivatives continues to rise.

This move underscores Kraken’s commitment to building a more robust, regulated ecosystem for digital asset trading in the U.S. and beyond, strengthening its reputation as a global leader in cryptocurrency innovation.