Kraken, one of the leading cryptocurrency exchanges, kicked off 2025 with impressive financial results. The company reported a 19% increase in revenue year-over-year, reaching $472 million in the first quarter. Additionally, adjusted EBITDA saw a 1% quarter-over-quarter rise to $187 million, indicating strong financial performance.
The exchange also saw positive growth in its performance indicators. Total trading volume surged by 29% compared to the same period in 2024, reaching $208 billion. The number of funded accounts also increased by 26% to 3.9 million. These figures suggest a growing user engagement and sustained interest in digital asset trading.
Kraken outperformed industry benchmarks, showcasing a larger market share and stronger client involvement. Despite an increase in the number of assets on the platform, their overall value declined due to ongoing pressure on crypto asset prices.
In the first quarter, Kraken completed the acquisition of NinjaTrader, enabling the introduction of derivatives trading in the US. This strategic move aligns with the company’s growth strategy and facilitates the integration of traditional financial infrastructure with the crypto sector. Traders will now have streamlined access to digital and traditional markets across both platforms.
To meet the rising demand from its expanding retail user base, Kraken expanded its product offering. The exchange introduced a new consumer-facing app to make wealth-building tools more accessible for retail investors. A payments feature was also launched to support transactions across a wide range of crypto and fiat currencies, enhancing Kraken’s role as a practical financial platform. Staking services were extended to users across multiple US states and territories, further enhancing the platform’s offerings.
In a separate announcement, Kraken disclosed a security incident involving a suspected North Korean hacker. The individual attempted to infiltrate the firm by applying for a job using a false identity. Red flags during the interview process, including inconsistent voices and ties to a known North Korean operation targeting crypto firms, raised suspicions. Chief Security Officer Nick Percoco led verification tests that the applicant failed, revealing a coordinated effort to breach internal systems through social engineering tactics.
Overall, Kraken’s strong financial performance, strategic acquisitions, product expansions, and robust security measures position the exchange as a key player in the cryptocurrency industry.