Crypto exchange Kraken reported $472 million in revenue for the first quarter of 2025, up 19% from a year earlier despite a softening crypto market. The exchange’s adjusted EBITDA (profit before deductions) reached $187 million, a 17% rise year-over-year.
Trading volume on the platform, rose 29% year-over-year, and funded accounts grew by 26%, while assets on the platform dropped 2% to $34.9 billion. Kraken attributed the drop to a decrease in the value of these assets.
The headline of the quarter, however, was Kraken’s completed acquisition of NinjaTrader, a retail-focused futures and derivatives trading platform.
“This transaction marks the largest-ever deal combining traditional finance (TradFi) and crypto. More than an expansion of our business, this strategic acquisition strengthens our position in derivatives for both TradFi services and crypto,” the exchange wrote in a report.
The deal positions the exchange to serve traders looking to access both asset classes in one place. It will allow for crypto traders to access traditional futures contracts, while NinjaTrader users will gain access to the crypto market.
The move advances Kraken’s ambition to become a multi-asset platform. It came during the same quarter Kraken launched a feature allowing for cross-border payments, Kraken Pay. It will be boosted with the introduction of crypto debit cards, in partnership with Mastercard.
Kraken also completed a Proof of Reserves attestation for the cryptocurrencies custodian by the exchange as of March 31. The firm, which allows users to verify their assets independently on-chain through a Merkle tree proof, said it plans on publishing these proofs quarterly.
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