Kraken started 2025 constructing on 2024’s strong momentum, navigating a shifting and softening market to outperform, even rising quantity share. Our sustained efficiency throughout cycles demonstrates the resiliency of our platform, which continues to draw new purchasers and deepen current relationships.
We took a significant step towards our multi-asset imaginative and prescient by buying NinjaTrader, and rolled out dozens of recent merchandise and options – just a few of which we spotlight beneath.
Robust topline efficiency and disciplined execution
Kraken generated roughly $472 million in gross income for Q1 2025 and adjusted EBITDA of $187 million. This marks a 19% year-over-year income improve, regardless of a slowdown in general market buying and selling exercise following a robust This fall 2024. Whereas Q1 income declined 7% sequentially attributable to general market softness, adjusted EBITDA rose 1% sequentially – highlighting Kraken’s resilience amid seasonality. Whole change buying and selling quantity grew 29% year-over-year, whereas funded accounts elevated 26% year-over-year.
We additionally outpaced broader trade benchmarks, signaling each increasing market share and deeper shopper engagement. Property on platform continued to develop, though the worth decreased sequentially attributable to headwinds in broader cryptoasset market pricing.
Accelerating multi-asset class ambitions – NinjaTrader acquisition full
At present, we accomplished the acquisition of NinjaTrader — a big milestone for our enterprise. This transaction marks the largest-ever deal combining conventional finance (TradFi) and crypto. Greater than an growth of our enterprise, this strategic acquisition strengthens our place in derivatives for each TradFi companies and crypto.
Crypto merchants will quickly be capable of seamlessly entry conventional derivatives inside Kraken’s buying and selling expertise and derivatives merchants will be capable of entry crypto markets on the NinjaTrader platform.
NinjaTrader’s infrastructure and group of engaged merchants are totally aligned with Kraken’s imaginative and prescient of an institutional-grade buying and selling platform the place any asset will be traded, anytime. Learn extra on the completion of the acquisition right here.
New client merchandise
In Q1, we executed swiftly to roll out high-impact, client-first merchandise for our rising retail person base:
- Kraken Pay: We launched prompt, borderless funds throughout 300+ crypto and fiat currencies – positioning Kraken as each a buying and selling venue and a real-world monetary utility.
- New Kraken client app: We launched a brand new app constructed for intuitive wealth-building throughout asset courses, reflecting our imaginative and prescient to grow to be a holistic monetary companion for a wider vary of purchasers.
- Staking (U.S. purchasers in 37 states and a pair of territories): We bolstered our management in yield-generating companies, with a robust emphasis on regulatory alignment.
Institutional {and professional} merchandise
For our skilled merchants and establishments, we additionally continued pushing the boundaries to reinforce their buying and selling expertise.
- FIX API for futures: We launched our institutional-grade API, enabling strong and standardized connectivity for the biggest establishments and companions to additional enhance liquidity and volumes on our derivatives platform. With 250% month-over-month quantity progress in Q1 alone from this launch, we anticipate rising dividends for our purchasers as we proceed to reinforce these companies within the 12 months forward.
- Kraken Professional UI/UX overhaul: We delivered on high shopper suggestions requests, protecting asset-based value foundation, common entry worth and unrealised P&L, cellular app customisation, an improved net order type, upgraded multi-charts, markets web page, account statements and extra.
- Kraken OTC within the Kraken Professional app: We made institutional-grade execution instruments accessible immediately inside our Kraken Professional app – bridging the expertise between high-volume and on a regular basis merchants.
Along with a mess of optimizations to our current product suites, these Q1 launch highlights showcase how Kraken is actively shaping the way forward for finance. We’re strategically constructing new layers to increase our addressable market, strengthen person engagement and construct long-term aggressive benefits for our ecosystem.
Transparency by way of Proof of Reserves
At present, we’re additionally asserting the completion of our newest Proof of Reserves for supported cryptocurrencies custodied securely by Kraken as of March 31, 2025.
Whereas trade members usually depend on an auditor’s single attestation, Kraken continues to set the bar larger by enabling purchasers to independently verify their property are totally backed onchain. We do that by producing a cryptographically verifiable Merkle tree proof that allows purchasers to substantiate that their account stability was included within the report independently validated by Kraken’s third-party accountancy agency. In different phrases, Kraken is totally accountable to our purchasers, who’ve unmatched visibility into the integrity of their holdings.
Kraken pioneered the follow of normal Proof of Reserves – nicely earlier than it turned an trade expectation – and we stay one of many few platforms to carry out this course of. We’ll proceed to conduct Proof of Reserves and transfer to a quarterly cadence. This constant transparency is foundational to how we function and can stay a key differentiator as we scale our services throughout asset courses.
A powerful Q1
Kraken’s efficiency in Q1 2025 reveals that we’re positioned to thrive throughout market volatility and we’re constructing momentum as we make long-term investments in our platform. Because the crypto panorama continues to evolve, we stay dedicated to delivering worth for our purchasers, companions and the broader ecosystem.
Keep tuned for extra updates as we proceed to construct the way forward for finance, responsibly.
Income represents the overall gross revenues for the interval indicated. EBITDA is earnings earlier than curiosity, taxes, depreciation and amortization. Adjusted EBITDA excludes irregular, non-recurring, and/or discretionary bills and is meant to supply a clearer view of the corporate’s core profitability. Property on Platform are measured on the final day of the fiscal quarter. Funded accounts symbolize whole funded prospects with a stability larger $0 as of the final day of the quarter. Whole Buying and selling Quantity consists of Spot, Margin, Futures, and Shopper change volumes for the interval indicated. Common Income Per Consumer (ARPU) is measured based mostly on whole quarterly gross income / quarterly transacting customers for the fiscal quarter. Quarterly transacting customers symbolize the variety of distinct customers that transacted on the platform at the least as soon as in the course of the fiscal quarter.
