Kraken has signed a $100 million deal to acquire Small Exchange, a U.S.-licensed futures exchange, enabling Kraken to expand its U.S. derivatives business (futures & options) under the supervision of the Commodity Futures Trading Commission (CFTC).
Key points:
The acquisition gives Kraken a regulated U.S. venue for derivatives, aligning it with “institutional-grade” standards of clearing, risk-management and matching services.
This move reflects growing institutionalisation of crypto markets — not just spot trading anymore, but complex products like futures/options.
Also reflects regulatory change: U.S. policy toward crypto is shifting in ways that are more welcoming for regulated players