Kraken finalizes Ninjatrader purchases as Q1 revenues rise 19%

Crypto Exchange Kraken has completed its acquisition of futures trading platform Ninjatrader and reported its first-quarter revenue to $471.7 million year-on-year.

In a May 1 report, Craken said its Ninja acquisition will bring its U.S. customers into the traditional derivatives market, aligning with plans to expand their products and becoming the preferred platform for all types of transactions.

Ninjatrader is a registered futures committee merchant for the Commodity Futures Trade Commission. Last month, it launched more than 11,000 shares of stock and exchange-traded funds to certain U.S. clients.

The deal, called the largest ever deal between cryptocurrency companies and traditional financial companies, allows Ninjatrader to expand to the UK, continental Europe and Australia markets, while Kraken is preparing for an IPO in early 2026. The company is exploring debt packages worth between $200 million and $1 billion to facilitate the deal.

Kraken revenue, trading volume falls after Trump’s return

Kraken’s revenue in the first quarter was 19% higher than the same period last year, but fell 6.8% from the fourth quarter of 2024.

The exchange reported that trading volume fell 9.6% to a quarter of $208.7 billion, while the value of its custodial assets fell 18% to $34.9 billion at the same time.

Kraken attributed the threat of U.S. President Donald Trump to the full tariffs triggered a 18% drop in the crypto municipal cap this quarter, which will be attributed to a “slower in overall market trading activity.”

Kraken is one of several crypto platforms with record highs in the fourth quarter trading activity or near record highs as Trump’s November election victory triggered greater market volatility than usual.

Related: Kraken launches ETF and inventory access for US cryptocurrencies

Craken said its adjusted EBITDA (income before interest, taxes, depreciation and amortization) jumped 1% to $187.4 million despite “softening the market.”

The company also saw the number of funding accounts on its platform increase by 10% in a quarter to 3.9 million, marking “more in-depth customer engagement.”

Reuters reported on April 18 that Claken restructured its workforce after being appointed co-CEO last October. Since then, Sethi has laid off about 400 employees.

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