Kraken finalizes NinjaTrader buy as Q1 revenue jumps 19%
Kraken has acquired the futures trading platform NinjaTrader, enhancing access to traditional derivatives for US customers. The acquisition is part of Kraken's strategy to expand its trading offerings and is considered the largest deal between a crypto and traditional finance firm. NinjaTrader, a registered Futures Commission Merchant, recently launched trading for over 11,000 stocks and ETFs for select US clients. Kraken reported Q1 revenues of $471.7 million, a 19% increase year-on-year but a 6.8% decline from Q4 2024. Trading volume fell 9.6% to $208.7 billion, and custodied assets decreased by 18% to $34.9 billion, attributed to reduced market activity amid political tensions. Despite market challenges, adjusted EBITDA rose 1% to $187.4 million, and funded accounts increased by 10% to 3.9 million. Kraken is preparing for an IPO in early 2026 and is exploring a debt package of $200 million to $1 billion.