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Kraken has wrapped up its acquisition of NinjaTrader, a move that opens the door for U.S.-based clients to trade traditional derivatives. The crypto exchange revealed the completed deal on the same day it reported $471.7 million in Q1 revenue, reflecting a 19% jump from the same period last year.
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Even with the strong year-over-year growth in revenue, the exchange’s trading volume took a step back. Compared to Q4 2024, revenue fell 6.8%, while trading volume dropped 9.6% to $208.7 billion. The value of crypto held on the platform also slipped 18% to $34.9 billion. Kraken pointed to a broader slowdown in market activity, tied in part to Donald Trump’s tariff threats, which sent the crypto market cap down 18% during the quarter.
NinjaTrader had already started rolling out access to more than 11,000 U.S. stocks and ETFs for selected users in the country before the acquisition was finalized. The deal now positions Kraken to offer traditional financial products alongside digital assets, giving it a wider appeal for different types of investors.
Kraken is not just focusing on U.S. markets either. With NinjaTrader under its wing, the exchange now has plans to push into the UK, Europe, and Australia. That wider expansion could play a part in its preparations for a public offering set for early 2026. To support those efforts, Kraken is exploring a debt raise of up to $1 billion.
The firm reported a slight quarter-over-quarter rise in adjusted EBITDA, up 1% to $187.4 million. At the same time, it saw a 10% jump in funded accounts, reaching 3.9 million. Kraken said the increase in account activity signals that users are more engaged, even with market uncertainty.
Kraken called the NinjaTrader acquisition the largest deal ever between a crypto and traditional finance player. With both retail and institutional demand evolving, the firm appears to be positioning itself as a hybrid exchange for multiple asset classes.