Kraken has acquired the US-licensed Small Exchange from IG Group for $100 million, enhancing its regulated derivatives trading capabilities in the US. The transaction includes $32.5 million in cash and $67.5 million in Payward stock, Kraken's parent company. This acquisition allows Kraken to offer perpetual futures and 24/7 trading to US customers under regulatory oversight. The Small Exchange is registered with the CFTC as a Designated Contract Market, aligning with Kraken's expansion strategy following its recent $1.5 billion purchase of NinjaTrader. For IG Group, the sale represents a strategic exit from US derivatives operations, expected to yield a post-tax gain of £73.3 million and increase regulatory capital by £22.7 million. IG will continue partnering with Kraken for product distribution. Kraken is also preparing for an IPO as early as Q1 2026.