A Bloomberg report on Saturday said Kraken acquisition is in early talks to sell the firm for about $20 billion. Traders responded by buying every large exchange token pushing the sector’s indexes up by double digits within hours.
A Kraken Acquisition Deal in the Making
The same report said the buyer group would inject $200 – $300 million of new equity. The price tag is $5 billion above the valuation Kraken received in late 2023. The jump shows that pension funds and endowments now treat regulated crypto venues as core infrastructure instead of fringe bets.
Exchange Tokens Erupt in a Speculative Frenzy
Sector reaction (+0.77% ) although the total crypto market is down by 0.46%
- BNB traded at $969, up 1.06 %.
- FTT added 3 % as creditors prepare to receive the first $1.6 billion repayment.
- CRO or LEO stayed flat, excluded from the rotation.
What This Means for the Market
The speed of the move underlines how quickly capital returns once a blue chip name attracts Wall Street money. If the deal closes, analysts expect index providers to raise weightings across the exchange token class forcing passive funds to follow with fresh bids.