Kraken bought Small Exchange for $32.5 million in cash and $67.5 million in stock, IG announced on Thursday
By Jamie Crawley|Edited by Omkar Godbole
Updated Oct 16, 2025, 11:54 a.m. Published Oct 16, 2025, 11:40 a.m.
- Kraken has acquired Small Exchange, a U.S.-licensed derivatives trading platform from IG Group for $100 million.
- The acquisition allows Kraken to operate as a designated contract market (DCM) in the U.S.
- Kraken has been expanding its future and derivatives trading capabilities this year, having acquired NinjaTrader for $1.5 billion in March.
Cryptocurrency exchange Kraken has acquired Small Exchange, a U.S.-licensed derivatives trading platform from IG Group (IGG) for $100 million.
Kraken bought Small Exchange for $32.5 million in cash and $67.5 million in stock, IG announced on Thursday.
STORY CONTINUES BELOW
The acquisition allows Kraken to operate as a designated contract market (DCM) in the U.S. thanks to Small Exchange’s licensing from the Commodity Futures Trading Commission (CFTC).
Kraken has been expanding its future and derivatives trading capabilities this year, having acquired NinjaTrader for $1.5 billion in March.
This also gives the exchange a stronger footing ahead of its long-awaited initial public offering (IPO) in the U.S., which is slated for 2026.
More For You
Oct 10, 2025
Combined spot and derivatives volumes fell 17.5% in September, continuing a four-year seasonal trend
What to know:
- Trading activity falls 17.5% in September slowdown: Combined spot and derivatives volumes dropped to $8.12 trillion, marking the first decline after three months of growth. September has now seen reduced trading volume for the fourth consecutive year.
- Open interest reaches record high despite derivatives market share decline: Total open interest surged 3.2% to $204 billion and peaked at an all-time high of $230 billion during the month.
- Altcoins on CME outperform as Bitcoin and Ether futures decline: While CME’s total derivatives volume stayed flat at $287 billion (-0.08%), SOL futures jumped 57.1% to $13.5 billion and XRP futures rose 7.19% to $7.84 billion. BTC and ETH futures fell 4.05% and 17.9% respectively.
More For You
By Ian Allison, AI Boost|Edited by Omkar Godbole
4 hours ago
The Paris-based exchange has secured a distributed ledger technology license from French regulator ACPR.
What to know:
- The exchange will merge trading and settlement on a single blockchain-based platform
- First IPOs expected in early 2026, targeting European SMEs and midcap firms
