Despite a cooling crypto market, Kraken reported a strong first quarter, with $472 million in revenue, up 19% year-over-year. The exchange’s adjusted EBITDA rose to $187 million, marking a 1% increase from Q4 and a 17% gain compared to Q1 2024.
Key performance metrics revealed a 29% rise in trading volume and a 26% increase in funded accounts. However, total assets held on the platform dipped 2% to $34.9 billion, a decline Kraken attributed to falling asset valuations rather than user outflows.
The quarter’s standout development was Kraken’s acquisition of NinjaTrader, a retail-oriented futures and derivatives platform. The company described it as the largest merger between traditional finance (TradFi) and crypto to date.
“More than just a business expansion, this acquisition solidifies our position in the derivatives space, bridging crypto and traditional markets,” Kraken said in its quarterly report.
The deal enables Kraken users to tap into traditional futures markets, while NinjaTrader customers gain access to digital asset trading—all under one unified platform. The integration aligns with Kraken’s broader strategy to become a comprehensive multi-asset trading hub.
In addition to the acquisition, the exchange made strides in payments and transparency. Kraken launched Kraken Pay, a cross-border crypto payments service, and announced plans for crypto debit cards in collaboration with Mastercard, enhancing its consumer offerings.
The exchange also reaffirmed its commitment to transparency, completing a Proof of Reserves attestation as of March 31. Users can independently verify their holdings on-chain via Merkle tree proofs, and Kraken intends to publish these attestations quarterly moving forward.
