Kraken Sees Strong Q1 with Revenue Up 19% to $472M, Trading Activity Surges 29%

Kraken kicked off 2025 with a strong first quarter, reporting $472 million in revenue, a 19% increase from a year earlier. The crypto exchange also posted an adjusted EBITDA of $187 million, up 1% from the previous quarter and 17% higher than Q1 2024.

The platform’s trading volume jumped 29%, and funded accounts grew 26%, signaling robust user activity. However, total assets held on the platform dropped slightly by 2% to $34.9 billion, which Kraken attributed to broader market valuation declines.

The biggest headline from the quarter was Kraken’s acquisition of NinjaTrader, a major U.S.-based derivatives and futures broker. Kraken called it the largest convergence yet between crypto and traditional finance, with far-reaching implications for its product suite.

“This is a milestone moment that brings together two trading worlds,” Kraken stated. “We’re building a unified platform for both crypto and traditional assets.”

The integration allows Kraken to offer traditional futures trading to its users while bringing digital asset access to NinjaTrader’s client base. It represents a strategic move to position Kraken as a multi-asset powerhouse amid growing overlap between crypto and legacy finance.

Beyond trading, Kraken also introduced Kraken Pay, a new crypto-based payments service, and announced plans for a crypto debit card in partnership with Mastercard, as it pushes further into financial services.

On the transparency front, Kraken completed a Proof of Reserves attestation as of March 31, enabling users to verify balances using Merkle tree cryptography. The company confirmed these audits will continue on a quarterly basis.