Overview

• The purchase was completed for $32.5 million in cash and $67.5 million in Payward stock, valuing Small Exchange at $100 million.
• Small Exchange’s DCM license lets Kraken list U.S. exchange‑regulated futures and options for retail and institutional clients under CFTC oversight.
• Kraken says it can integrate clearing, risk management, and matching within one regulated environment that connects spot, futures, and margin products.
• IG Group booked a post‑tax gain of about £73.3 million and a £22.7 million uplift to regulatory capital, and it will continue distributing products through a partnership with Kraken.
• The move builds on Kraken’s NinjaTrader acquisition and other regulated venues and is described as strengthening its position ahead of a potential 2026 IPO.