Kraken Closes NinjaTrader Deal, Hits Revenue of $471M in Q1

Kraken, a well-known crypto exchange with over $20 billion of valuation, kicked off 2025 with solid numbers, showing it can hold strong even as the broader crypto market hit a soft patch.

In its Q1 2025 financial update, Kraken reported $471.7 million in revenue — a 10% jump compared to Q1 last year, although slightly down from the $506.3 million it pulled in during Q4 2024. 

While market activity slowed down, Kraken’s adjusted EBITDA still inched up to $187.4 million, marking a 1% increase from the previous quarter and showing that the exchange is still running a tight, efficient operation.

One standout figure: Kraken’s total exchange trading volume hit $208.7 billion, up from $161.3 billion in Q1 last year. That’s a 29% year-over-year jump, even if it dipped a bit compared to Q4’s $230.9 billion. 

By the numbers: Kraken Q1 2025

And it’s not just about volume — Kraken’s user base also grew, with 3.9 million funded accounts now on the platform, compared to 3.1 million a year ago.

“Kraken began 2025 building on 2024’s solid momentum, navigating a shifting and softening market to outperform, even growing volume share,” Kraken wrote in its update, highlighting growing client engagement and market share.

The biggest move? Kraken just bought NinjaTrader

Kraken also closed the acquisition of NinjaTrader, a big move that combines traditional finance (TradFi) and crypto trading under one roof. This deal, described as the largest of its kind, sets Kraken up to offer both traditional derivatives and crypto assets in a unified experience.

Here’s what that means:

• Crypto traders will soon be able to access traditional derivatives on Kraken’s platform.
• NinjaTrader users will get access to crypto markets via their own tools.

The deal is part of Kraken’s bigger goal: becoming a multi-asset trading platform that caters to both retail and institutional investors.

Retail users get more tools

Kraken also pushed out a few key products for everyday users:

• Kraken Pay: Launched in Q1, this lets users send instant payments across 300+ crypto and fiat currencies, making Kraken more than just a trading venue.
• New Kraken consumer app: A redesigned app focused on helping users build wealth across different asset classes.
• Staking services: Available to users in 37 U.S. states and 2 territories, with a focus on staying within regulatory guidelines.

Big updates for pro and institutional clients 

For more advanced traders and institutions, Kraken didn’t hold back:

• FIX API for futures: This high-performance API drove a 250% month-over-month spike in derivatives volume, offering better tools for large partners and institutions.
• Kraken Pro upgrades: Based on client feedback, the platform rolled out updates like:
  • Asset-based cost basis
  • Average entry prices
  • Unrealised P&L
  • Multi-chart views and customizable mobile UI
• OTC tools inside Kraken Pro: Institutional-grade execution tools are now built into the Pro app for easier access.

Proof of Reserves: Kraken keeps raising the bar

Kraken wrapped up another Proof of Reserves audit as of March 31, 2025, letting users verify their holdings independently through a cryptographically verifiable Merkle tree. It’s not a one-time report — Kraken says it’s moving to a quarterly audit schedule to keep things transparent.

“Kraken pioneered the practice of regular Proof of Reserves – well before it became an industry expectation – and we remain one of the few platforms to perform this process. We will continue to conduct Proof of Reserves and move to a quarterly cadence,” the exchange said.

Revenue may have dipped quarter-over-quarter, and average revenue per user (ARPU) fell to $314 from $378, but the broader story here is clear: Kraken is still growing and executing, even in a cooling market.

With the NinjaTrader acquisition complete and more institutional tools rolling out, Kraken is placing its bets on a multi-asset future. The exchange isn’t just aiming to survive the bear cycles — it’s planning to come out stronger on the other side.

Also Read: Tether Reports $1B Profit and $120B in U.S. Treasury for Q1 2025

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