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CoinTelegraph 2025-05-02 00:54:49

Kraken finalizes NinjaTrader buy as Q1 revenue jumps 19%

Crypto exchange Kraken has completed its acquisition of the futures trading platform NinjaTrader and reported its first quarter revenues jumped 19% year-on-year to $471.7 million. Kraken said in a May 1 report that its NinjaTrader acquisition would give its US customers access to the traditional derivatives market, aligning with its plans to expand its offerings and be the go-to platform for all types of trading. NinjaTrader is a registered Futures Commission Merchant with the Commodity Futures Trading Commission. Last month, it rolled out trading for over 11,000 stocks and exchange-traded funds to certain US clients. The deal, which Kraken dubbed the largest ever between a crypto and traditional finance firm, allows NinjaTrader to expand to the UK, continental Europe and Australian markets and comes as Kraken is preparing for an initial public offering in early 2026. The company is exploring a debt package worth between $200 million and $1 billion to facilitate that transaction. Kraken revenue, trading volume falls on Trump’s return Kraken’s $471.7 million revenue in Q1 marked a 19% increase from the year-ago quarter but a 6.8% fall from Q4 2024 . The exchange reported that trading volume fell 9.6% quarter-over-quarter to $208.7 billion while the value of its custodied assets fell 18% to $34.9 billion over the same time. Kraken attributed the drop to a “slowdown in overall market trading activity” as US President Donald Trump’s threats of implementing sweeping tariffs triggered an 18% fall in the crypto market cap over the quarter. Key metrics from Kraken’s Q1 report. Source: Kraken Kraken is one of several crypto platforms that saw record or near-record highs in trading activity in Q4 as Trump's November election win sparked larger-than-usual market volatility. Related: Kraken rolls out ETF and stock access for US crypto traders Kraken said that despite a “softening market,” its adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — jumped 1% from the previous quarter to $187.4 million. The firm also saw the number of funded accounts on its platform increase 10% quarter-on-quarter to 3.9 million, signaling “deeper client engagement.” Reuters reported on April 18 that Kraken restructured its workforce after Arjun Sethi was appointed as co-CEO last October. Sethi has laid off around 400 employees since. Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

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