Kraken posted a 19% year-over-year revenue growth for Q1, bringing in $472 million. The exchange’s adjusted EBITDA grew to $187 million, marking a 1% increase from the previous quarter and a 17% jump from Q1 2024.
A significant driver of this growth was a 29% rise in trading volume and a 26% boost in funded accounts, reflecting strong user engagement. However, total assets on the platform decreased 2% to $34.9 billion, primarily due to broader market conditions affecting asset valuations.
Kraken also made waves with the acquisition of NinjaTrader, a key player in the traditional futures and derivatives space. The deal, described as the largest merger between crypto and traditional finance, positions Kraken as a leader in multi-asset trading.
“We’re bringing together the worlds of crypto and traditional finance,” Kraken said in its statement. “This acquisition is a strategic step toward offering users a fully integrated trading experience.”
With this move, Kraken will offer futures and derivatives trading to its existing customers, while expanding its reach into the traditional finance sector via NinjaTrader’s established base. This acquisition further solidifies Kraken’s mission to become a dominant multi-asset trading hub.
In addition to the acquisition, Kraken introduced Kraken Pay, a cross-border crypto payments service, and revealed plans to roll out crypto debit cards in partnership with Mastercard in the coming months.
As part of its ongoing commitment to transparency, Kraken completed a Proof of Reserves audit as of March 31, providing users with Merkle tree-based verifications to independently verify their holdings. Kraken confirmed that such audits will be released quarterly moving forward.
