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.​

Coinbase has announced that it will suspend trading of the MOVE token, the native cryptocurrency of Movement Labs’ layer-2 blockchain protocol, effective May 15. The decision follows the token’s failure to meet Coinbase’s listing standards. ​

In a statement released on May 1, Coinbase specified that trading for MOVE will be suspended across its platforms, including Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime. The MOVE order books have been shifted to limit-only mode, allowing users to place and cancel limit orders, with potential matches occurring. ​

The suspension comes amid an ongoing third-party investigation into an agreement allegedly signed between Movement Labs and a market-making firm, which is said to have contributed to the token’s price decline in December 2024. The investigation, initiated on April 21 by the Movement Network Foundation, is being conducted by Groom Lake, an independent cybersecurity and intelligence firm. ​

Reports indicate that a company named Rentech facilitated a deal between Movement Labs and Web3Port, a market maker, granting Rentech control over 66 million MOVE tokens. The subsequent sale of these tokens after the launch in December 2024 reportedly exerted $38 million in downward price pressure on MOVE. ​

As of now, the MOVE token has been in a downtrend since early January 2025, trading at approximately $0.20. ​

Coinbase’s decision underscores the importance of compliance with listing standards and the potential impact of internal agreements on token performance.