Kraken has been around long enough to see nearly every version of the crypto market up close.

Founded in 2011, it lived through Bitcoin’s early volatility, the first big exchange era, the ICO boom, the long bear markets, the rise of institutional crypto, and the latest push into tokenized and multi-asset trading.

Across those cycles, Kraken kept adding products, expanding its reach, and finding new ways to stay relevant as the industry changed around it.

In March 2025, Kraken agreed to buy NinjaTrader for $1.5 billion. In April 2025, it launched trading in more than 11,000 U.S.-listed stocks and ETFs for select U.S. clients. In June 2025, it rolled out xStocks for eligible non-U.S. clients, starting with 60 tokenized U.S….