Kraken completed the acquisition of NinjaTrader, a retail futures trading platform, for $1.5 billion in March 2025, which added approximately 2 million users to its platform. Following this acquisition, Kraken's customer base expanded to 5.2 million funded accounts by the end of Q3 2025, reflecting a net gain of about 600,000 accounts quarter-over-quarter. Additionally, Kraken reported a 37% year-over-year increase in funded accounts as of July 30, 2025. The company generated $1.5 billion in revenue in 2024, with Q1 2025 revenue at $472 million, marking a 19% year-over-year increase, and Q2 2025 revenue at $412 million, an 18% increase compared to Q2 2024. In Q3 2025, Kraken reported record revenue of $648 million, up 50% from the previous quarter and 114% year-over-year, indicating strong growth as the company prepares for a potential IPO.