Kraken Expands Financial Infrastructure with $2.75 Billion Acquisition

Payward, the parent company of Kraken, has conducted acquisitions totaling at least $2.75 billion from March 2025 to July 2026. Kraken announced that it secured a foothold in the U.S. futures and forex markets by acquiring NinjaTrader for $1.5 billion on March 20, 2025. On October 16, it acquired Small Exchange for $100 million, marking the starting point for expanding derivatives infrastructure in the U.S. On February 18, 2026, it acquired Magna to add token lifecycle management capabilities, and on April 17, it acquired Bitnomial for up to $550 million to strengthen its digital asset derivatives infrastructure. On May 7, it acquired Leaf for up to $600 million to enhance card issuance and stablecoin payment functionalities. Payward recorded an annual adjusted revenue of $2.2 billion, adjusted EBITDA of $531 million, and total platform trading volume of $2 trillion in 2025. The Deutsche Börse Group acquired a 1.5% stake in Payward for $200 million on April 14, 2026, valuing Payward at approximately $13.3 billion. Kraken's recent acquisitions reflect a strategy to expand its business into derivatives, payments, custody, and tokenized assets through companies holding regulatory licenses.

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