Kraken Doubles Down: Restructures Workforce, Launches Stock Trading, and Acquires NinjaTrader
In a bold move signaling its evolution beyond crypto, Kraken is reshaping its business model with a trifecta of major developments: internal restructuring, expansion into traditional markets, and a $1.5 billion acquisition of NinjaTrader.
Restructuring for Expansion
Kraken has laid off several hundred employees this week as part of a strategic realignment, according to sources close to the company. The move follows a 15% headcount reduction in late 2024, and comes as the exchange streamlines operations to support its ambitions beyond the digital asset space.
The layoffs affected mostly redundant roles as teams were consolidated under Kraken’s broader push toward a multi-asset future. Despite the cuts, Kraken remains among the most active crypto exchanges by spot volume, and executives have emphasized this is not a pullback — it’s a pivot.
Commission-Free Stock Trading Launches
Perhaps the most attention-grabbing shift is Kraken’s launch of commission-free trading for over 11,000 U.S.-listed stocks and ETFs, marking a significant encroachment into territory traditionally dominated by platforms like Robinhood and Fidelity.
This development positions Kraken as a full-spectrum finance platform — one that caters not only to crypto-native traders but also to mainstream retail investors seeking a single destination for digital and traditional asset trading.
In doing so, Kraken joins the growing ranks of crypto-native firms bridging TradFi and DeFi, betting on a future where investors toggle seamlessly between tokens and stocks within the same interface.
NinjaTrader Acquisition: $1.5B Bet on Retail Futures
In a surprise move, Kraken also announced its acquisition of NinjaTrader, a retail-focused futures trading platform, for a reported $1.5 billion. The deal gives Kraken immediate exposure to the burgeoning retail derivatives market and bolsters its capabilities in risk management tools, advanced charting, and algorithmic trading services.
NinjaTrader’s user base — traditionally retail traders focused on futures and options — could mesh well with Kraken’s growing appetite to serve both sophisticated traders and institutional clients.
A Glimpse Into Kraken’s Long Game
This multi-pronged expansion — cutting costs, absorbing a legacy platform, and embracing stocks — is a clear signal that Kraken sees itself not just as a crypto exchange, but as a next-gen financial services powerhouse.
With rumors of a potential IPO still circulating, Kraken’s latest moves could be designed to broaden its appeal to public markets. The launch of equities trading alone could open new revenue streams and increase Kraken’s addressable market exponentially — while its continued crypto dominance keeps it rooted in its core identity.
What This Means for the Industry
Kraken’s traditional finance push is part of a larger trend: the convergence of TradFi and DeFi. As Coinbase expands custody and derivatives, and Robinhood doubles down on crypto, Kraken’s strategy underscores one key truth: the walls between crypto and traditional finance are crumbling.
Whether Kraken can effectively serve both markets without diluting its brand remains to be seen, but if successful, it could become one of the first exchanges to truly unify Web2 and Web3 finance under one roof.