Catenaa, Thursday, May 08, 2025- Kraken, one of the oldest and most established cryptocurrency exchanges in the US, reported $472 million in revenue for the first quarter of 2025, marking a 19% increase year-over-year.
This surge was largely attributed to heightened market volatility during the early months of President Trump’s second term, a period that saw significant market movements.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITA) rose 17% to $187.4 million, while total trading volume increased by 29% in the same period. Kraken’s performance follows a $1.5 billion revenue achievement in 2024.
However, the exchange noted a 7% sequential revenue decline compared to Q4 2024, attributed to a slowdown in market activity after an unusually active US election season. Despite this, Kraken’s adjusted EBITDA rose 1% sequentially, underscoring its resilience during market seasonality.
The exchange is positioning itself for a public listing in Q1 2026, having recently acquired NinjaTrader to expand into US derivatives trading.
It also broadened its offerings to include stock and ETF trading through a brokerage partnership with Alpaca, alongside the expansion of derivatives trading in the UK Kraken has introduced new tools like Kraken Pay and expanded its institutional-grade API. In Q1 2025, the exchange saw a 250% month-over-month increase in volume and a 26% rise in funded accounts year-over-year.
Despite uncertainties in the broader IPO market, Kraken remains committed to its public listing goals, with plans to leverage its growth in crypto trading and new services.
