Kraken Reports $472 Million in Q1 Revenue, Fueled by Trading Surge and NinjaTrader Acquisition
Crypto exchange Kraken has released strong first-quarter results for 2025, reporting revenue of $472 million, up 19% year over year, as trading activity picked up despite broader market softness.
The company also reported adjusted profit of $187 million, up 1% from the previous quarter and 17% from the first quarter of 2024.
Trading volumes on the platform increased by 29% year over year, while funded accounts grew by 26%, indicating increased user engagement. However, assets held on the platform fell by 2% to $34.9 billion, which Kraken attributed to lower asset valuations during the quarter.
The highlight of the quarter was Kraken’s acquisition of retail-focused futures and derivatives trading platform NinjaTrader. Described by Kraken as “the largest-ever combination of traditional finance (TradFi) and crypto,” the deal marks a significant step in the company’s strategy to become a multi-asset trading platform.
“This transaction marks the largest deal ever combining traditional finance (TradFi) and crypto,” Kraken said in its earnings report. “More than expanding our business, this strategic acquisition strengthens our position in both TradFi services and derivatives for crypto.”
This acquisition gives crypto investors access to traditional futures markets while NinjaTrader clients gain direct exposure to digital assets, bridging the gap between traditional and decentralized financial markets.
In parallel, Kraken has continued to expand its services with the launch of Kraken Pay, a cross-border payments feature that aims to enhance global crypto transactions. The exchange is also preparing to launch crypto debit cards in partnership with Mastercard, further integrating its offerings into everyday financial use cases.
To strengthen transparency, Kraken completed a Proof of Reserve (PoR) validation as of March 31. The firm allows users to independently verify their on-chain holdings via Merkle tree proofs and plans to publish these audits quarterly as part of its long-term commitment to verifiable custody.
With strategic acquisitions, new features, and a growing user base, Kraken’s Q1 performance reinforces its ambitions to compete at the intersection of crypto and traditional finance.
This is not investment advice.
