Kraken, the popular cryptocurrency exchange, has finalized its acquisition of the futures trading platform NinjaTrader and announced a 19% year-on-year increase in first-quarter revenues, reaching $471.7 million. The acquisition of NinjaTrader will provide Kraken’s US customers with access to the traditional derivatives market, in line with the exchange’s plans to expand its offerings and become a comprehensive trading platform. NinjaTrader, a registered Futures Commission Merchant with the Commodity Futures Trading Commission, recently introduced trading for over 11,000 stocks and exchange-traded funds to certain US clients. The acquisition deal, considered the largest ever between a cryptocurrency and traditional finance firm, enables NinjaTrader to expand its operations to the UK, continental Europe, and Australian markets. Kraken is also gearing up for an initial public offering in early 2026 and is exploring a debt package ranging from $200 million to $1 billion to facilitate the transaction. However, Kraken reported a 6.8% revenue decline from the previous quarter, with trading volume falling 9.6% to $208.7 billion in the first quarter. The value of custodied assets also decreased by 18% to $34.9 billion during the same period. The company attributed these declines to a slowdown in overall market trading activity, partially influenced by the market cap’s 18% drop due to President Donald Trump’s tariff threats. Despite these challenges, Kraken’s adjusted EBITDA increased by 1% to $187.4 million, and the number of funded accounts on its platform rose by 10% to 3.9 million, indicating deeper client engagement. Kraken has undergone workforce restructuring after appointing Arjun Sethi as co-CEO, with approximately 400 employees laid off since October. This news comes as Kraken continues to make strategic moves in the cryptocurrency and traditional finance sectors, positioning itself as a key player in the industry.