We are proud to reaffirm once again our leadership of the transparency industry with our latest reserves evidence (POR), completed on March 31, 2025, including holders of BTC, ETH, Sol, USDT, XRP – and for the first time – Ada. This rigorous verification process Confirms that we have enough assets to completely support customer sales. We do not ask you to trust ourselves – we ask you to cryptographically check our guard of your cryptocurrency.
If you are new on POR, see our proof of reservations? Blog article of the beginner’s guide.
Our latest POR Bitcoin reserve result: 114.9% coverage
In our most recent por, we have verified that we hold 192 091.25 BTC In our portfolios, while the customer balances the total 167 188.68 BTC. The result is one Reserve ratio of 114.9%This means that we have almost 15% bitcoin more than we owe to our users.
Note Our POR not only include assets in cash – it also incorporates margin positions, term sales and even stiggled active ingredients. This holistic approach guarantees that all types of customer exposure are taken into account. And there are other ways in which our POR method continues to define the industry standard.
What is POR?
Por is a cryptographic process that allows the exchanges of cryptocurrency to publicly demonstrate that they fully hold user assets. Kraken uses a Merkle tree – A cryptographic data structure that compiles all user balances in a single root chopping – allowing users to check that their specific balances have been included, without compromising personal confidentiality. A third party then checks that the operations of ONCHAIN of the exchange are equal to or superior to total customer sales. This helps to confirm that we do not work on split reserves.
Not all Pors are created equal
While many exchanges now offer a form of what they call a por, our approach stands out in several key ways:
- Inclusion of full liability
We not only present assets – we also disclose the responsibilities of customers. Many platforms omit this crucial half of the equation, which can give a misleading impression of solvency. - User verification tools
We allow users to check independently that their sales have been included in the POR process via Merkle tree tests. This added transparency strengthens trust and responsibility. - Coherent and continuous transparency
We do not deal with it as a unique public relations exercise. After being the pioneer of the process in 2014, we realize it regularly, ensuring that users have coherent visibility on how the platform manages their funds.
Because “we believe in word” is not good enough
After the collapse of several exchanges of prominent crypto – notably FTX – Customers must demand transparency and responsibility. Por provides a clear and verifiable way for us to prove that customer assets are safe and fully taken into account.
Our high reserve report and our watched methodology by the user are a direct response to this need. It is not only a question of saying that the funds are safe – almost all the exchanges that have ever failed have promised that customer funds were safe. It is a question of proving it: cryptographically, independently and regularly.
More evidence, more often: switch to a rate of quarterly ports
For the future, we are committed to publishing quarterly por, as well as our financial results from the previous quarter, in order to provide even more frequent transparency. In addition, we are working to extend the scope of future Pors to include a wider range of supported assets, further strengthening our commitment to responsibility throughout the platform.
Since 2014, we have been a leader in the context – and the increase – the por standard for cryptography holders looking for a trustworthy exchange and turned forward.
