Kraken Reports 19% Q1 Revenue Increase Amid Crypto Market Volatility

Kraken, a leading US-based cryptocurrency exchange, reported robust financial results for Q1 2025, with gross revenue rising 19% year-over-year to approximately $472 million and adjusted EBITDA increasing 17% to $187.4 million. The exchange also saw trading volume surge by 29% compared to the previous year, driven by heightened market volatility, rising cryptocurrency prices, and positive sentiment following pro-crypto US government policies. Strategic initiatives, including the acquisition of NinjaTrader and the launch of an institutional-grade FIX API for futures trading, helped expand Kraken’s user base and product offerings, particularly into traditional financial markets. Despite a 7% decline in revenue quarter-over-quarter, Kraken grew its market share and continued to attract new funded accounts, increasing them by 26% year-over-year. The company is reportedly preparing for a potential IPO, aiming to follow in the footsteps of Coinbase and further cement its position in both the crypto and traditional finance sectors. These results underscore Kraken’s adaptability and strong performance amid an evolving regulatory and market environment.