Kraken Seals Ninjatrader Deal and Reveals $472M in Q1 Revenue

Kraken Finalizes Ninjatrader Purchase, Discloses 19% Jump in Earnings

Cryptocurrency exchange Kraken, has wrapped up its $1.5 billion acquisition of retail futures platform Ninjatrader, according to a press release published by the company on Thursday. The San Francisco-based firm also shared financial data that shows it hauled in $472 million in gross revenue for Q1 2025 and recorded adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $187 million.

The Ninjatrader acquisition, is part of Kraken’s efforts to diversify its financial product lineup by expanding its offerings to include traditional assets such as stocks and derivatives, what it dubs, “multi-asset class ambitions.” The platform recently introduced access to more than 11,000 stocks and exchange-traded funds (ETFs), according to the release. Diversification may help smooth out irregular trading-related income given the volatile nature of crypto trading volume, which declined 7% in Q1, compared to Q4 2024.

Chicago-based Ninjatrader was launched in 2003 and now touts some two million traders on its platform who use its tools to buy and sell futures products. The entity will continue to operate on a standalone basis, but its current clients will now have access to Kraken’s crypto products and vice versa.

“This transaction marks the largest-ever deal combining traditional finance (TradFi) and crypto,” Kraken stated on its blog. “More than an expansion of our business, this strategic acquisition strengthens our position in derivatives for both TradFi services and crypto.”