Cryptocurrency exchange Kraken is on the verge of purchasing NinjaTrader, a U.S. retail futures trading platform, for approximately $1.5 billion.

The acquisition would mark a key expansion for Kraken. It would give the crypto exchange access to a new asset class and increase its user base.

Cryptocurrency exchange Kraken is in advanced talks to buy U.S. retail futures trading platform NinjaTrader for about $1.5 billion, multiple sources familiar with the matter told Reuters on Wednesday.

The deal could be announced as early as Thursday, the sources said.

The acquisition would be a key expansion for Kraken, granting it access to a new asset class and a larger user base.

Kraken, founded in 2011, provides a platform for users to buy and sell digital assets such as bitcoin and ether. The company reported strong financial results for 2024, with revenue of $1.5 billion and adjusted earnings of $380 million.

Meanwhile, NinjaTrader, founded in 2003, provides futures trading tools to over 1.8 million customers.

The deal would allow Kraken to offer crypto futures and derivatives in the U.S. as NinjaTrader is registered as a Futures Commission Merchant.

Under the terms being discussed, NinjaTrader would continue to operate as a separate platform and would fall under Kraken’s umbrella of trading and payments applications.

The acquisition also supports Kraken’s global growth plans as it seeks to expand the presence of NinjaTrader in the UK, continental Europe and Australia.

Kraken has been open about its plans to work across multiple asset classes, previously discussing goals for equities trading and payments options.

The timing of this deal comes during a period of reduced regulatory pressure. Earlier this month, the Securities and Exchange Commission dropped a lawsuit against Kraken that sought to regulate the cryptocurrency company as a stock exchange.

The lawsuit was dismissed without any admission of wrongdoing by Kraken, and the company will not pay any penalties or make changes to its business model.

The crypto industry is also seeing a more welcoming environment under President Trump, who has promised to make America the “crypto capital” of the world and to be the nation’s “first crypto president.”

Kraken has undergone leadership changes recently, with one of the company’s founders, Jesse Powell, handing over control to former data analytics executive Amir Orad in July 2024.

Kraken currently ranks among the top exchanges in the cryptocurrency market, with the platform handling between $390 million and $4.4 billion in daily trades, according to CoinGecko data.

If completed, this deal would be one of the largest in the crypto industry, as major acquisitions are not typically seen among cryptocurrency companies.

Both Kraken and NinjaTrader declined to comment.