Kraken Reports $472 Million Revenue in Q1, Up 19% Year-Over-Year

Crypto exchange Kraken reported $472 million in revenue for Q1 2025, a 19% increase from the previous year. Adjusted EBITDA reached $187 million, up 17% year-over-year.

Trading volume rose by 29% year-over-year.
Funded accounts increased by 26%.
Assets on the platform decreased by 2% to $34.9 billion due to falling asset values.

The major highlight was Kraken's acquisition of NinjaTrader for $1.5 billion, marking the largest deal between traditional finance and crypto. This strategic move enhances Kraken's position in derivatives for both sectors.

The acquisition enables access to both crypto and traditional futures contracts for traders. Additionally, Kraken launched Kraken Pay for cross-border payments and plans to introduce crypto debit cards in collaboration with Mastercard.

Kraken also completed a Proof of Reserves attestation for its custodial cryptocurrencies as of March 31, with plans to publish these proofs quarterly.