Enterprise value grew ~16x over our partnership from 2019 to 2025. In 2025, Kraken, one of the world’s largest crypto exchanges, acquired NinjaTrader in what became the largest deal ever combining traditional finance with decentralized finance.
Founded in 2003, NinjaTrader delivers advanced trading tools (charting, strategy backtesting, and trade simulation) for retail futures traders. Today, the platform provides high-performance trading software and self-directed brokerage services to nearly 2 million traders.
NinjaTrader Case Study
Building NinjaTrader Into A $1.5 Billion Market Leader
Long Ridge’s partnership with NinjaTrader showcases our value creation approach in action. Through platform modernization, executive team building, and strategic M&A, we helped transform NinjaTrader into the leading U.S. retail futures trading platform.
Long Ridge with NinjaTrader CEO Martin Franchi.
The Team
Martin Franchi, CEO
Martin Franchi joined NinjaTrader in 2009 and rose to CEO in 2018. A Chicago native with a lifelong passion for capital markets, Marty proved to be an exceptional operator who drove the platform’s transformation from legacy desktop software to a modern, cloud-based trading experience.
Key Results
2019–2025 Partnership
~16x
Enterprise value growth
~10x
EBITDA growth
~8x
Revenue growth
2
Strategic acquisitions completed
~2M
Active traders on the platform
The Opportunity
We were initially introduced to NinjaTrader through the company’s sell-side advisor. We moved decisively after receiving positive feedback on the platform from our industry network, including executives with deep experience in retail trading technology. Our prior investment in FXCM gave us credibility with the management team and allowed us to build conviction quickly and secure the deal.
We invested in 2019, believing that:
- Futures were uniquely positioned for retail adoption, and the market was growing, driven by CME’s introduction of micro-contracts that lowered barriers to entry for new traders
- Clear near-term levers— product modernization, streamlined onboarding, sales / marketing investments, and international expansion— could accelerate growth
When we met NinjaTrader, the platform was desktop-only, with a clunky 30-step onboarding process that relied on a third-party brokerage and wire transfers to fund accounts. Despite these limitations, traders were fiercely loyal to the product. We saw an opportunity to modernize the user experience without losing what made NinjaTrader great.
“From day one, Long Ridge felt like an extension of our team. They helped us strengthen leadership, sharpen our strategy, and elevate the product experience for our users. We grew EBITDA more than 10x during our partnership — and Long Ridge was in the trenches with us every step of the way.”
The Outcome
We encouraged leadership to cultivate relationships with strategic acquirers to facilitate an exit rather than rely on a traditional auction. Salo Sredni, a Long Ridge Executive Council member and NinjaTrader board member, introduced us to Kraken at the right moment. Post-election changes to the regulatory environment in early 2025 enabled crypto platforms like Kraken to pursue large strategic initiatives such as significant acquisitions of traditional finance companies.
Long Ridge led the negotiation of NinjaTrader’s $1.5 billion sale to Kraken.
The case studies represent a subset of Long Ridge’s investments. A complete list of investments made by Long Ridge funds during the relevant periods is available here. Investments are speculative and involve significant risks. Investors risk the loss of their entire investment.