Cryptocurrency exchange Kraken has completed its $1.5 billion acquisition of NinjaTrader, a U.S.-based futures trading platform, marking one of the largest mergers between a crypto firm and a traditional finance company. The deal enables Kraken to offer traditional derivatives trading to its U.S. customers and supports NinjaTrader’s expansion into the U.K., continental Europe, and Australia. ​

In the first quarter of 2025, Kraken reported revenues of $471.7 million, a 19% increase year-over-year. However, this figure represents a 6.8% decline from the previous quarter. The company attributed the quarter-over-quarter dip to a slowdown in overall market trading activity, influenced by U.S. President Donald Trump’s threats of implementing sweeping tariffs, which triggered an 18% fall in the crypto market cap during the quarter.

Despite the challenging market conditions, Kraken’s adjusted EBITDA rose 1% from the previous quarter to $187.4 million. The number of funded accounts on the platform also increased by 10% quarter-over-quarter, reaching 3.9 million, indicating deeper client engagement.​

Kraken’s acquisition of NinjaTrader aligns with its broader strategy to diversify its offerings across various asset classes, including plans for equities trading and payments. The company is preparing for an initial public offering (IPO) in early 2026 and is exploring a debt package worth between $200 million and $1 billion to facilitate the transaction.
WSJ

To streamline the acquisition process, Kraken utilized artificial intelligence tools developed by Termina, a startup from Tribe Capital. These tools accelerated due diligence by analyzing vast amounts of data in mere hours, enabling rapid and confident decision-making. ​
Business Insider

As part of its expansion into traditional financial markets, Kraken has also commenced a national rollout of commission-free trading for over 11,000 U.S.-listed stocks and ETFs. This move follows the dismissal of a civil lawsuit by the U.S. Securities and Exchange Commission, which Kraken hailed as a breakthrough against regulatory obstacles.

Tether CEO Criticizes EU’s MiCA Regulations, Opts Out of Registration

Tether CEO Paolo Ardoino has publicly defended the company’s decision to forgo registration under the European Union’s Markets in Crypto-Assets (MiCA) framework, citing concerns over the regulation’s impact on stablecoins and the broader banking sector.​

Speaking at the Token2049 conference in Dubai, Ardoino labeled the MiCA framework as “very dangerous” for stablecoins, arguing that its requirements could destabilize small and medium-sized banks in Europe. He specifically pointed to the mandate for stablecoin issuers to hold 60% of their reserves in insured cash deposits within European banks, suggesting this could strain the financial system.​

“I decided not to apply for the MiCA license because I need to protect the 400 million+ users that we have around the world,” Ardoino stated. He expressed skepticism about the European Central Bank’s intentions, implying that the promotion of a digital euro might be aimed at increasing control over citizens’ spending habits.​

Since MiCA’s implementation in December 2024, several cryptocurrency exchanges have adjusted their offerings to comply with the new regulations. Notably, Kraken and Crypto.com have delisted multiple stablecoins, including Tether’s USDT, to align with MiCA’s standards.​

Ardoino also touched upon Tether’s strategy in the United States, indicating that the company is considering different product offerings to navigate the competitive landscape of local stablecoin issuers. He noted that efforts by the U.S. and other nations to establish Bitcoin reserves are “just inevitable,” emphasizing the growing institutional interest in cryptocurrency.​

Ethereum developers are introducing two new token standards, ERC-7930 and ERC-7828, aimed at enhancing interoperability across different blockchains within the Ethereum ecosystem. These standards seek to address the current challenges users face when interacting with multiple chains, such as inconsistent address formats and the risk of sending assets to incorrect networks.​

ERC-7930 defines a compact, binary format for interoperable addresses, optimized for machine readability and suitable for protocols requiring a unified address representation across all blockchains. Building upon this, ERC-7828 adds a human-readable layer using formats like “address@chain,” making it easier for users to identify and interact with addresses across various chains.​

The implementation of these standards aims to simplify the user experience by allowing wallets and decentralized applications to automatically detect and route transactions to the appropriate blockchain based on the specified address format. This approach minimizes the need for manual network switching and reduces the likelihood of errors in cross-chain transactions.​

The development of ERC-7930 and ERC-7828 is being spearheaded by Wonderland, a collective of developers and researchers focused on improving the Ethereum decentralized finance ecosystem. Collaborating with protocols like Optimism, Aztec, Connext, and Yearn, Wonderland is working to finalize these standards within the next two weeks and is actively seeking feedback from the broader Ethereum community.​

By standardizing address formats and enhancing cross-chain compatibility, these proposals represent a significant step toward a more seamless and user-friendly multichain Ethereum experience.​