TL;DR: Kraken is evolving beyond pure crypto exchange into a tradfi & crypto hybrid family of products, launching derivatives, acquiring futures platform NinjaTrader for $1.5B, and launching tokenized stocks tradable 24/5 on-chain. Sacra estimates Kraken has generated $1.55B in revenue so far in 2025, with $648M in Q3β25 alone (up 114% YoY). For more, check out our full report and dataset...