Kraken Q1 2025 Financial Update: Strength through Market Cycle

Kraken started building in 2025 with a solid momentum in 2024, exploring the change and softening market, which has excellent performance and even the volume share. Continuous performance throughout the cycle shows the elasticity of the platform, which attracts new customers and deepens existing relationships.

We have acquired Ninjatrader to launch dozens of new products and features, taking a meaningful step toward multi-set vision.

Strong top line performance and trained execution

Kraken produced about $ 470 million in total sales in the first quarter of 2025 and EBITDA adjusted $ 180 million. This is an increase of 19%compared to the previous year despite the slowing of the overall market trading activities after the strong Q4 2024. The Q1 revenue decreased by 7% due to the overall market softness, while the adjusted EBITDA rose 1% sequentially, emphasizing Kraken’s elasticity during seasonality. The total trading volume increased 29% year -on -year, while the fund accounts increased 26% year -on -year.

It also surpasses a wide range of industry benchmarks to see the market share and deeper customer participation. The wider Cryptoasset market price has decreased in sequence, but the platform’s assets continued to increase.

Multi-asset class ambition acceleration-completed Ninja Trader acquisition

Today, we have completed the acquisition of Ninjatrader, an important milestone for business. This transaction is the biggest deal with traditional financial and encryption. This strategic acquisition beyond business expansion strengthens the location of derivatives for Tradfi services and encryption.

Crypto Traders can soon access traditional derivatives within Krake’s trading experience, and derivatives can access Crypto Market on the Ninjatrader platform.

The infrastructure of Ninjatrader and the participating trader community is completely consistent with Kraken’s vision for institutional grade trading platforms that can trade assets at any time. See here for more information about the completion of the acquisition.

New consumer product

In the first quarter, we quickly executed to launch high shocking client priority products for the growing retail user base.

• Kraken: We have started paying more immediate boundaries across more than 300 encryption and Fiat currencies. Kraken was positioned with a trading place and a real financial utility.
• New KRAKEN Consumer App: We introduced a new app built for intuitive asset construction in the asset class, reflecting the vision for becoming a whole financial partner for a wider range of customers.
• Staying (37 states and two territories): We have strengthened leadership in the field of yield creation that focuses on regulatory adjustment.

Institution and professional products

For our professional merchants and institutions, we also continued to pursue the boundaries to improve the transaction experience.

• API modification for gifts: We started the institution -grade API, enabling powerful and standardized connectivity that further enhance the liquidity and volume of the derivative platform. As a few months later in the first quarter, the volume of 250%increases, and we are expected to increase customer dividends as we continue to improve these services.
• KRAKEN PRO UI/UX Check: We provided the highest client feedback request to deal with asset -based costs, average input prices and unmetable P & L, mobile app users, improved web order forms, upgraded multiple charts, market pages, and accounts.
• Kraken OTC of Kraken Pro App: We allowed you to access the direct institution -grade execution tool within the KRAKEN PRO app.

In addition to the numerous optimization of existing product suits, this Q1 release highlight shows how Kraken actively forms the future of finance. We are strategically building new classes to expand the address market, strengthen user participation, and secure long -term competitive advantage for ecosystems.

Transparency through certificate of reserves

Today we are also announcing completion Proof of our latest reserve As of March 31, 2025, Kraken was managed safely.

Industry participants often rely on a single proof of auditors, but Krake continues to set the rods more by allowing the customer’s assets to be completely supported. We do this by creating a validable Merkle Tree Proof that can be confirmed that the client’s third -party account company has been verified independently of the account balance. In other words, Kraken is entirely responsible for unmatched customers for the integrity of holding.

Kraken has pioneered regular reserve evidence before the industry’s expectations, and we are one of the few platforms that can perform this process. We will continue to proof of reserves and move to the quarterly Cadence. This consistent transparency is the basis of the way we operate and will remain a major differentiation factor by expanding products and services in asset classes.

Strong Q1

Kraken’s performance in the first quarter of 2025 shows a thriving position during market volatility and shows that momentum is being built while investing in a long -term investment on the platform. As the encryption environment continues to develop, we continue to work to provide value for customers, partners and wider ecosystems.

Continue more updates as you continue to destroy the future of finance.

Revenue represents the total revenue of the marked period. EBITDA is an interest, tax, depreciation and depreciation and pre -income income. The adjusted EBITDA is intended to provide a clear view of the company’s core profitability, except for irregular, not repeated and/or discretion. The assets of the platform are measured on the last day of accounting quarter. The financing account represents a total funding customer with a balance of $ 0 as of the last day of the quarter. The total trading volume includes spots, margins, gifts and consumer exchange during the displayed period. The average revenue per user is measured based on the total quarterly revenue / quarterly trading users in the accounting quarter. The quarterly transaction users represent the separate number of users traded on the platform at least once during the accounting quarter.