Crypto exchange Kraken has reported a remarkable $472 million in revenue for the first quarter of 2025, marking a 19% increase from the previous year despite facing a downturn in the cryptocurrency market. The company’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) saw a 17% increase year-over-year, totaling $187 million.

Additionally, trading volume surged by 29% in comparison to the same period last year, and the number of funded accounts climbed by 26%. However, assets on the platform decreased by 2%, landing at $34.9 billion, which Kraken attributed to a decline in asset value.

A noteworthy highlight for the quarter was the successful acquisition of NinjaTrader, a platform focused on retail futures and derivatives trading. This acquisition is recognized as the largest merger intertwining traditional finance and cryptocurrency, significantly bolstering Kraken’s standing in the derivatives market.

“This transaction marks the largest-ever deal combining traditional finance (TradFi) and crypto. More than an expansion of our business, this strategic acquisition strengthens our position in derivatives for both TradFi services and crypto,” stated the exchange.

The acquisition permits traders to access both asset classes—crypto and traditional futures—from a single platform, enhancing the appeal for traders across both sectors. Concurrently, Kraken introduced features like Kraken Pay to facilitate cross-border payments, alongside plans to launch crypto debit cards in partnership with Mastercard.

Kraken also completed a Proof of Reserves audit for the cryptocurrencies it custodians as of March 31, allowing users to independently verify their assets through on-chain methods, and plans to publish these reports quarterly.