Kraken’s Revenue Rises 19% in First Quarter to $472M, Boosted by 29% Jump in Trades

Kraken kicked off 2025 with impressive results, posting $472 million in revenue for the first quarter, a 19% year-over-year increase. The exchange also saw an uptick in profitability, with adjusted EBITDA reaching $187 million, reflecting a 1% quarter-over-quarter growth and 17% increase compared to Q1 2024.

Key growth drivers included a 29% rise in trading volume and a 26% boost in funded accounts. Despite these gains, total assets held on the platform dipped 2% to $34.9 billion, primarily due to shifting market conditions.

A standout moment in Kraken’s Q1 was its acquisition of NinjaTrader, a leading U.S. futures and derivatives platform. Kraken hailed the deal as a game-changer for bridging traditional finance (TradFi) with crypto, positioning itself as a multi-asset powerhouse.

“By integrating traditional futures and derivatives with crypto, we’re building a more seamless and diversified trading experience,” Kraken explained in its earnings report.

The acquisition grants Kraken access to a new set of retail investors, while NinjaTrader’s users can now explore digital asset trading through Kraken. This move positions Kraken to better capture the growing convergence between digital and traditional markets.

Kraken also introduced Kraken Pay, a new service aimed at enabling secure, cross-border crypto payments, and announced an upcoming Mastercard crypto debit card, expanding its financial offerings.

The company reinforced its commitment to transparency by completing a Proof of Reserves audit, with Merkle tree-based verifications available for user review. Kraken plans to release these audits quarterly, allowing users to independently verify their holdings.