Kraken Acquires Small Exchange for $100M to Expand US Derivatives

Kraken acquired Small Exchange from IG Group for $100 million, composed of $32.5 million in cash and $67.5 million in Payward stock.
Small Exchange is regulated by the Commodity Futures Trading Commission (CFTC) and focuses on retail traders.
The acquisition grants Kraken a Designated Contract Market license, enabling derivatives trading in the U.S.
Kraken plans to integrate spot, futures, and margin trading, furthering its U.S. presence.
This follows Kraken’s July 2025 expansion into CME futures.
In March 2025, Kraken bought NinjaTrader for $1.5 billion, accessing CME markets, continuing its strategic acquisitions.
Derivatives trading volumes were $20.2 trillion in Q2 2025, indicating a 4% decrease from the previous year.
There is speculation about Kraken's potential Nasdaq IPO in January 2026.
Kraken holds licenses in the U.S., UK, and EU, positioning it as a multi-jurisdictional crypto exchange.