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Kraken Acquires U.S.-Licensed Derivatives Platform From IG for $100M
Kraken bought Small Exchange for $32.5 million in cash and $67.5 million in stock, IG announced on Thursday
Updated Oct 16, 2025, 11:54 a.m. Published Oct 16, 2025, 11:40 a.m.
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What to know:
- 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.
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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.
