Kraken Revenue Hits $472M in Q1 2025 Amid Market Volatility Under Trump

Crypto exchange Kraken reported $472 million in revenue for the first quarter of 2025, reflecting a 19% year-over-year increase driven largely by heightened market volatility during the early days of President Trump’s second term.

In a statement released Thursday, the company attributed the revenue jump to increased trading activity amid volatile conditions, despite noting a sequential decline of 7% from Q4 2024.

Adjusted EBITDA also rose 17% year-over-year to $187.4 million, while overall trading volume on the platform surged by 29% over the same period.

“While Q1 revenue declined 7% sequentially due to overall market softness, adjusted EBITDA rose 1% – highlighting Kraken’s resilience amid seasonality,” the company noted in a blog post.

The statement added that Q4 2024 saw unusually high trading activity due to the U.S. election season, which tapered off in the following quarter.

Kraken, which is preparing for a potential public listing in 2026, has continued to diversify its offerings.

The company recently acquired NinjaTrader to enable derivatives trading in the U.S. and has expanded into equities and ETFs through a brokerage deal with Alpaca.

In the UK, Kraken launched derivatives trading this week, marking a key move in its second-largest market.

Kraken Head of Derivatives Alexia Theodorou emphasized that while spot and derivatives volumes are currently similar, derivatives hold significantly greater growth potential.

The exchange also introduced Kraken Pay, a new consumer-focused financial app, alongside an institutional-grade API to enhance professional access.

Q1 results are in for @krakenfx!

$472 million gross revenue
Adjusted EBITDA of $187 million (+19% YoY)
Funded accounts growing by 26% YoY

check out the rest here – https://t.co/BlQip0PbUC

and much more on the way for Q2! pic.twitter.com/TH7m3dq0J0

The company reported a 250% increase in monthly trading volume and a 26% year-over-year rise in funded accounts during Q1.

“Assets on the platform continued to grow, although the value dipped slightly due to broader crypto market conditions,” the company stated.

Kraken also said it continues to gain market share and deepen client engagement despite macroeconomic uncertainty.

Co-CEO Arjun Sethi reaffirmed Kraken’s plans to go public, even amid cooling IPO sentiment.

Other exchanges like Bullish and Gemini have similarly signaled interest in entering public markets, although many remain cautious in light of unpredictable policy signals from the Trump administration.

Kraken is preparing for an initial public offering (IPO) as early as the first quarter of 2026, taking advantage of what appears to be a more favorable regulatory climate under President Donald Trump.

Kraken’s IPO plans are not yet final and could change in the coming months.

As reported, the SEC has agreed in principle to dismiss its lawsuit against cryptocurrency exchange Kraken, according to a statement from the company.

The case will be dropped with prejudice, meaning it cannot be refiled. Kraken will not admit to any wrongdoing, pay penalties, or change its business operations.

The SEC sued Kraken in November 2023, alleging it operated as an unregistered securities exchange, broker, clearing agency, and dealer.

The regulator also accused the company of commingling customer and corporate funds.

Kraken contested the charges, leading a federal judge to rule the case had enough merit to proceed to trial.

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