Kraken has had a strong start to 2025, with a 19% increase in revenue year-over-year to $472 million for the first quarter.
The earnings statement on May 1 also highlighted a 1% quarter-over-quarter rise in adjusted EBITDA, reaching $187 million.
The company’s total trading volume rose by 29% compared to the same period in 2024, reaching $208 billion, while the number of funded accounts increased by 26% to 3.9 million.
These numbers indicate growing user engagement and a strong interest in digital asset trading.
Kraken mentioned that its performance metrics exceeded industry benchmarks, showing a larger market share and increased client involvement. The exchange also noted that while the number of assets on the platform increased, their overall value declined due to pressure on crypto asset prices.
Kraken’s Expansion and Acquisition
Kraken confirmed the completion of its acquisition of NinjaTrader in the first quarter, enabling the introduction of derivatives trading in the US.
This move is a significant step in the company’s growth strategy, combining traditional financial infrastructure with the crypto sector, providing traders with streamlined access to digital and traditional markets.
During the first quarter, Kraken expanded its product offering to meet the rising demand from its growing retail user base. The exchange introduced a new consumer-facing app for wealth-building tools and launched a payments feature to support transactions across multiple crypto and fiat currencies, aiming to enhance its role as a practical financial platform. Additionally, staking services were extended to users in dozens of US states and territories.
Security Threats
Kraken disclosed a security incident involving a suspected North Korean hacker who attempted to infiltrate the firm by applying for a job using a false identity.
The exchange identified red flags early in the interview process and eventually discovered that the applicant had ties to a known North Korean operation targeting crypto firms. Despite allowing the interview process to continue to gather more information, the applicant failed verification tests led by Kraken’s Chief Security Officer, Nick Percoco.
The company concluded that the attempt was a coordinated effort to breach its internal systems through social engineering.
