Kraken deployed crypto-collateralized perpetual futures for EU traders on November 3, 2025. Bitcoin, Ethereum, and stablecoins qualify as margin collateral. 150+ perpetual futures markets available on Kraken Pro. Up to 10x leverage. MiFID II and MiCA compliant.​ Collateral-to-Margin ConversionCrypto holdings convert to USD-denominated margin. Volatility haircuts discount collateral value based on price volatility—riskier assets require larger buffers. Liquidation triggers when equity falls below maintenance requirement. All margin calculations and settlements use USD conversion.​ Regulatory LicensingCentral Bank of Ireland (MiCA authority) and Cyprus Securities & Exchange Commission (CySEC, MiFID II overseer) licensed Kraken. Company acquired Cyprus investment firm in February 2025 to access MiFID II framework. One of first regulated EU platforms offering crypto-collateralized perpetuals.​ Revenue and ExpansionQ3 2025 revenue: $648 million (50% QoQ, 114% YoY growth). Crypto collateral extends derivatives reach after $1.5 billion NinjaTrader acquisition (March 2025) for US platform infrastructure. EU launch targets institutional demand for regulated leveraged crypto trading Collateral-to-Margin ConversionCrypto holdings convert to USD-denominated margin. Volatility haircuts discount collateral value based on price volatility—riskier assets require larger buffers. Liquidation triggers when equity falls below maintenance requirement. All margin calculations and settlements use USD conversion.​ Regulatory LicensingCentral Bank of Ireland (MiCA authority) and Cyprus Securities & Exchange Commission (CySEC, MiFID II overseer) licensed Kraken. Company acquired Cyprus investment firm in February 2025 to access MiFID II framework. One of first regulated EU platforms offering crypto-collateralized perpetuals.​ Revenue and ExpansionQ3 2025 revenue: $648 million (50% QoQ, 114% YoY growth). Crypto collateral extends derivatives reach after $1.5 billion NinjaTrader acquisition (March 2025) for US platform infrastructure. EU launch targets institutional demand for regulated leveraged crypto trading Crypto holdings convert to USD-denominated margin. Volatility haircuts discount collateral value based on price volatility—riskier assets require larger buffers. Liquidation triggers when equity falls below maintenance requirement. All margin calculations and settlements use USD conversion.​ Regulatory LicensingCentral Bank of Ireland (MiCA authority) and Cyprus Securities & Exchange Commission (CySEC, MiFID II overseer) licensed Kraken. Company acquired Cyprus investment firm in February 2025 to access MiFID II framework. One of first regulated EU platforms offering crypto-collateralized perpetuals.​ Revenue and ExpansionQ3 2025 revenue: $648 million (50% QoQ, 114% YoY growth). Crypto collateral extends derivatives reach after $1.5 billion NinjaTrader acquisition (March 2025) for US platform infrastructure. EU launch targets institutional demand for regulated leveraged crypto trading Regulatory LicensingCentral Bank of Ireland (MiCA authority) and Cyprus Securities & Exchange Commission (CySEC, MiFID II overseer) licensed Kraken. Company acquired Cyprus investment firm in February 2025 to access MiFID II framework. One of first regulated EU platforms offering crypto-collateralized perpetuals.​ Revenue and ExpansionQ3 2025 revenue: $648 million (50% QoQ, 114% YoY growth). Crypto collateral extends derivatives reach after $1.5 billion NinjaTrader acquisition (March 2025) for US platform infrastructure. EU launch targets institutional demand for regulated leveraged crypto trading Central Bank of Ireland (MiCA authority) and Cyprus Securities & Exchange Commission (CySEC, MiFID II overseer) licensed Kraken. Company acquired Cyprus investment firm in February 2025 to access MiFID II framework. One of first regulated EU platforms offering crypto-collateralized perpetuals.​ Revenue and ExpansionQ3 2025 revenue: $648 million (50% QoQ, 114% YoY growth). Crypto collateral extends derivatives reach after $1.5 billion NinjaTrader acquisition (March 2025) for US platform infrastructure. EU launch targets institutional demand for regulated leveraged crypto trading Revenue and ExpansionQ3 2025 revenue: $648 million (50% QoQ, 114% YoY growth). Crypto collateral extends derivatives reach after $1.5 billion NinjaTrader acquisition (March 2025) for US platform infrastructure. EU launch targets institutional demand for regulated leveraged crypto trading Q3 2025 revenue: $648 million (50% QoQ, 114% YoY growth). Crypto collateral extends derivatives reach after $1.5 billion NinjaTrader acquisition (March 2025) for US platform infrastructure. EU launch targets institutional demand for regulated leveraged crypto trading