In the ever-evolving landscape of cryptocurrency, Kraken has reported a remarkable $472 million in revenue for the first quarter of 2025, marking a 19% increase from the same period last year. This upward trajectory is particularly impressive given the current softening of the crypto market. The exchange’s adjusted EBITDA reached $187 million, reflecting a year-over-year growth of 17%.
One of the notable trends from this quarter was the significant increase in trading volume on the platform, which surged by 29% year-over-year. Additionally, Kraken experienced a 26% growth in funded accounts, although the total assets held on the platform saw a slight decline of 2%, totaling $34.9 billion. This decrease was attributed to fluctuations in asset values rather than a loss of users or trading activity.
The standout event of the quarter was Kraken’s strategic acquisition of NinjaTrader, a leading platform in retail-focused futures and derivatives trading. This acquisition, valued at $1.5 billion, is being touted as the largest deal to date that bridges the gap between traditional finance (TradFi) and the cryptocurrency sector. According to Kraken’s report, this transaction not only expands their business model but significantly strengthens their foothold in the derivatives market for both traditional and crypto services.
By integrating NinjaTrader’s capabilities, Kraken positions itself as a facility for traders seeking to engage with both asset classes. The acquisition will enable crypto traders to access traditional futures contracts, while NinjaTrader users will gain a gateway into the burgeoning crypto market.
Moreover, Kraken is advancing its ambition to evolve into a multi-asset trading platform. This initiative coincides with the recent launch of Kraken Pay, a new feature designed to facilitate cross-border payments. To further enhance user experience, Kraken has also partnered with Mastercard to introduce crypto debit cards, allowing seamless transactions for users across global markets.
In terms of security and transparency, Kraken has undertaken a Proof of Reserves attestation for the cryptocurrencies held in custody as of March 31. This proof, which enables users to verify their assets independently on-chain via a Merkle tree proof, demonstrates Kraken’s commitment to accountability, with plans to publish these attestations on a quarterly basis.
Overall, despite a challenging market environment, Kraken’s strategic moves this quarter exemplify its resilience and adaptability in the rapidly changing world of digital assets, further reaffirming its position as a leader in the cryptocurrency industry.
