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Kraken kickstarted 2025 with a 19% YoY (year-over-year) increase in first quarter revenue, generating $472 million in sales. Based on the Kraken Q1 2025 financial update, the company also added 29% YoY in total trading volume, fueled by a strong client acquisition strategy and retention performance.
Despite market softness following the Q4 2024 crypto bull market, Kraken posted an adjusted EBITDA of $189.4 million, a 17% YoY increase and 1% QoQ (quarter-over-quarter). Let’s break down what the exchange has planned for the future, including the latest Kraken NinjaTrader acquisition.
What Kraken Users Get From the NinjaTrader Acquisition
In March 2025, Kraken announced that it would purchase NinjaTrader, a popular US-based derivatives trading platform. Recently, the crypto exchange confirmed the success of the NinjaTrader and Kraken merger, marking the completion of Kraken’s largest acquisition in history.
So, what does the Kraken-NinjaTrader buyout mean for current Kraken users? Here’s what investors can expect:
- Multi-asset crypto trading: Since last month, Kraken users have been able to access some of the same traditional finance (TradFi) offerings as NinjaTrader.
- Seamless platform integration: While NinjaTrader will continue to operate as a separate brand, pro investors will continue having a smooth institutional crypto trading experience with added Kraken derivatives trading features.
- Additional asset classes: According to Business Wire, Kraken now offers commission-free trading for 11,000 stocks and ETFS.
For NinjaTrader derivatives traders, individuals can access digital assets like Bitcoin (BTC) on the NinjaTrader platform. This provides new investment opportunities that were previously impossible before the merger.
Newly Launched Kraken Offerings
Beyond performance metrics, the Kraken Q1 2025 financial update reported the successful launch of various innovations for retail and institutional investors.
In early 2025, Kraken rolled out Kraken Pay, which enables borderless crypto and fiat payments. It supports over 300 currencies and primarily serves businesses and investors needing a straightforward way of transferring funds. Additionally, Kraken redesigned its mobile app to reflect its new multi-asset instruments.
On the professional trading side, Kraken released an institutional-level API to boost liquidity and trading volume for the company’s derivatives market. Listening to their clients’ requests, the crypto exchange overhauled the Kraken Pro UX and UI, upgrading charting, customization, and more.
How Kraken Proof of Reserves Works
After posting its latest Proof of Reserves (PoR) report, Kraken announced that it would update its PoR audit every quarter. Many crypto exchanges release a PoR yearly or just once, while others don’t provide a single report. With quarterly PoR audits, Kraken is moving the entire industry forward in terms of security and transparency.
Furthermore, the Kraken Proof of Reserves audit uses Merkle tree cryptography, allowing users to precisely map how their crypto wallets and token holdings are backed. Because the entire structure is cryptographic, individuals aren’t risking exposing personal information when checking their funds.
What’s Next for Kraken?
If there’s one key takeaway from the Kraken Q1 2025 financial update beyond monetary performance, it’s the company’s commitment to becoming the top platform for crypto and traditional markets. In addition to stocks and ETFs, Kraken plans to integrate prediction markets and options trading into its current infrastructure.
For retail clients, Kraken is becoming a one-stop shop for all types of investments. With TradFi offerings, the platform can accommodate portfolio diversification beyond cryptocurrencies. Meanwhile, Kraken’s institutional clients unlock greater risk management opportunities. For instance, they may hedge some altcoin investments with ETFs and vice versa.
Expansion into traditional markets and other regions requires expertise in global financial policies. Kraken is already one step ahead, having secured U.K. MiFID, EU MiFID, and Australian securities licenses to operate in underserved markets. Its acquisition of NinjaTrader and its CFTC-registered FCM license allows Kraken to offer futures products in the U.S.
Is Kraken Changing the Game for Crypto Exchanges in 2025?
In its 2024 report, Kraken generated $1.5 billion in sales. Based on its Q1 2025 highlights, the company is set to surpass its previous topline record. Despite market softness, Kraken generated almost half a billion dollars in Q1 sales, potentially increasing its crypto exchange market share in the process.
In the coming quarters, we expect more innovations, strategies, and strong financial performances from the exchange. Driven by its vision of becoming an established hub for multi-asset trading, Kraken will continue its leadership in transparency and platform trust.
Start trading with Kraken today and enjoy the benefits of secure crypto asset investing, staking rewards, and more.
References:
- Cryptocurrency exchange Kraken to buy NinjaTrader for $1.5 billion (Reuters)
- Kraken Completes Acquisition of NinjaTrader (Business Wire)
- Kraken Q1 2025 financial update: Strength through market cycles (Kraken Blog)
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