Crypto exchange Kraken announced the completion of its acquisition of futures trading platform NinjaTrader as its first quarter revenues increased by 19% year-on-year to $471.7 million. The acquisition aims to provide US customers with access to traditional derivatives markets to expand trading offerings. NinjaTrader, a registered Futures Commission Merchant, introduced trading for over 11,000 stocks and ETFs for certain US clients. The deal was depicted as the largest ever between a crypto and traditional finance firm, allowing NinjaTrader into UK, European, and Australian markets as Kraken prepares for an early 2026 IPO, exploring a debt package of $200 million to $1 billion. Despite a 6.8% revenue decline from Q4 2024, Kraken explained the drop in trading volume and custodied assets to an overall market slowdown due to President Trump's tariff threats resulting in an 18% drop in the crypto market cap. Kraken noted a 1% increase in adjusted EBITDA despite a softening market and witnessed a 10% growth in funded accounts to 3.9 million quarter-on-quarter, signifying stronger client engagement. The company underwent restructuring by laying off approximately 400 employees after the appointment of co-CEO Arjun Sethi in October.