Kraken began 2025 building on 2024’s solid momentum, navigating a shifting and softening market to outperform, even growing volume share. Our sustained performance across cycles demonstrates the resiliency of our platform, which continues to attract new clients and deepen existing relationships.

We took a meaningful step toward our multi-asset vision by acquiring NinjaTrader, and rolled out dozens of new products and features – a few of which we highlight below.

Strong topline performance and disciplined execution 

Kraken generated approximately $472 million in gross revenue for Q1 2025 and adjusted EBITDA of $187 million. This marks a 19% year-over-year revenue increase, despite a slowdown in overall market trading activity following a strong Q4 2024. While Q1 revenue declined 7% sequentially due to overall market softness, adjusted EBITDA rose 1% sequentially – highlighting Kraken’s resilience amid seasonality. Total exchange

Keep reading this article on Kraken.com.

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