Overview

• Participants included Tribe Capital and co-CEO Arjun Sethi in a personal capacity, according to reporting citing the deal terms.
• Kraken reported $411 million in second-quarter revenue and nearly $80 million in post-EBITDA earnings, with H1 2025 showing strong growth.
• The exchange is expanding through acquisitions, including a $1.5 billion purchase of NinjaTrader that added about two million customers.
• New offerings such as tokenized stocks, or xStocks, are designed to bridge crypto with traditional markets and attract institutional traders.
• Executive turnover and internal restructuring have accompanied the strategic shift, prompting concerns about morale and management continuity.