Kraken began in 2025 to rely on the solid momentum of 2024, by sailing on a exchange and softening market to surpass, even a share of increasing volume. Our performances supported through the cycles demonstrate the resilience of our platform, which continues to attract new customers and deepen existing relationships.
We have taken a significant step towards our multi-active vision by acquiring the Ninjatrader, and have deployed dozens of new products and functionalities-including some below.
High level performance and solid disciplined execution
Kraken generated around $ 472 million in raw income for T1 2025 and an adjusted Ebitda of $ 187 million. This marks an increase in income by 19% on the other, despite a slowdown in the overall market negotiation activity after a solid Q4 2024. Although the first quarter income decreased by 7% due to the overall sweetness of the market, the adjusted Ebitda increased by 1% – highlighting Kraken resilience in the middle of the seasonality. The total volume of exchange exchanges increased by 29% in annual sliding, while the accounts financed increased by 26% in annual sliding.
We have also exceeded the broader landmarks of the industry, signaling both an expansion of the market share and a deeper commitment of customers. The active ingredients on the platform continued to grow, although the value has decreased sequentially due to the wider opposite winds of the crypto-casset market.
Acceleration of multi -network class ambitions – Acquisition of complete ninjatrader
Today, we have completed the acquisition of Ninjatrader – an important step for our company. This transaction marks the most important agreement combining traditional finance (tradfi) and crypto. More than an expansion of our company, this strategic acquisition strengthens our position in derivatives for the Tradfi services and the crypto.
Crypto merchants will soon be able to access in a transparent manner in traditional derivatives within the Kraken trade experience and derivative traders will be able to access cryptographic markets on the Ninjatrader platform.
The infrastructure and the community of committed Ninjatrader traders are fully aligned with Kraken’s vision of an institutional quality trading platform where any active can be exchanged, at any time. Find out more about the end of the acquisition here.
New consumer products
In Q1, we performed quickly to deploy high -impact products and customers to our growing user base:
- Kraken Pay: We have launched instant and borderless payments on 300+ crypto and fiduciary currencies – positioning Kraken as a place of negotiation and a financial utility of the real world.
- New Kraken consumption application: We have introduced a new application designed for the creation of intuitive wealth between asset classes, reflecting our vision to become a holistic financial partner for a wider range of customers.
- Staking (American customers in 37 states and 2 territories): We have strengthened our leadership in generating return services, highly emphasizing regulatory alignment.
Institutional and professional products
For our traders and professional institutions, we have also continued to push the limits to improve their commercial experience.
- API correction for future: We have launched our institutional quality API, allowing robust and standardized connectivity for the largest institutions and partners to further increase liquidity and volumes on our derived platform. With growth in the volume of 250% per month in the first quarter from this press release, we plan to grow growing for our customers while we continue to improve these services in the coming year.
- Kraken pro ui / ux revised: We have delivered on the main requests for customer comments, covering the base-based cost base, the average entry price and the unpaid P&L, personalization of mobile applications, an improved web control form, improved multi-multi-birthday, a market page, account instructions and more.
- Kraken OTC in the Kraken Pro application: We have rendered the institutional quality execution tools accessible directly within our Kraken Pro application – punctuating the experience between high volume traders on a daily basis.
In addition to a multitude of optimizations to our suites of existing products, these versions of the Q1 version show how Kraken actively shapes the future of finance. We strategically build new layers to extend our addressable market, strengthen user engagement and create long -term competitive advantages for our ecosystem.
Transparency by proof of reservations
Today, we are also announcing the completion of our latest proofs of reservations for cryptocurrencies supported in complete safety by Kraken on March 31, 2025.
While participants in the industry often rely on the unique certificate of a verifier, Kraken continues to adjust the bar higher by allowing customers to confirm independently that their assets are fully supported in onchain. We do this by producing an indicable merkle -verifiable shaft proof that allows customers to confirm that the balance of their account has been included in the validated report independently by the Kraken third -party accounting firm. In other words, Kraken is fully responsible for our customers, who have unequaled visibility in the integrity of their assets.
Kraken has launched the practice of regular proof of reservations – well before becoming an expectation of industry – and we remain one of the few platforms to carry out this process. We will continue to prove reservations and move to a quarterly rate. This coherent transparency is fundamental to how we operate and remain a key differentiator when we develop our products and services through the asset classes.
A strong Q1
Kraken’s performance at T1 2025 show that we are positioned to thrive during market volatility and that we take momentum while we make long -term investments in our platform. While the landscape of cryptography continues to evolve, we remain determined to provide value to our customers, partners and the wider ecosystem.
Stay listening for more updates when we continue to build the future of finance, in a responsibility.
Revenues represent the total gross income of the period indicated. EBITDA is a profit before interest, taxes, depreciation and damping. The adjusted Baiia excludes irregular, non -recurrent and / or discretionary expenses and is intended to provide a clearer view of the basic profitability of the company. The active on the platform are measured on the last day of the budgetary quarter. Funded accounts represent the total of customers financed with a higher balance of $ 0 from the last day of the quarter. The volume of total trading includes volumes of punctual, margin, term contracts and exchange of consumers for the period indicated. Average user income (ARPU) is measured according to total gross quarterly income / quarterly users for the tax quarter. Tricometric transaction users represent the number of separate users who have treated the platform at least once during the budgetary quarter.
