Kraken closes the Ninjatrader deal, revenues of $ 471 million in the first quarter

Kraken, a well -known encryption exchange exchange with more than $ 20 billion in evaluation, began in 2025 with strong numbers, indicating that it could be strong even with the broader encryption market to a soft patch.

In its financial update in the first quarter of 2025, Krakeen reported its revenues of $ 471.7 million – a 10 % jump compared to the first quarter of last year, despite a slightly decrease from $ 506.3 million during the fourth quarter of 2024.

Although the market activity slowed, the modified EBITDA of Kraken is still up to $ 187.4 million, which represents a 1 % increase over the previous quarter and showed that the stock exchange still runs a narrow and effective process.

No. One prominent: The total number of Kraken Exchange 208.7 billion dollars was an increase of 161.3 billion dollars in the first quarter of last year. This is a 29 % jump on an annual basis, even if it decreases slightly compared to $ 230.9 billion from the fourth quarter.

In numbers: Kraken Q1 2025

It is not only related to size – the KRKEN user base has grown, with 3.9 million accounts now funded on the platform, compared to 3.1 million years ago a year ago.

“Kraken began construction in 2025 on the powerful momentum of 2024, and it transports a changing market and softening that exceeds the growing size, and even the growing size,” Krakin wrote in its update.

The biggest step? Kraken just bought ninjatrader

Kraken has also closed the Ninjatrader acquisition, a major step that combines traditional financing (Trafi) and the trading of encryption under one roof. This deal, described as the largest of its kind, places Kraken to present both traditional derivatives and encryption assets in a unified experience.

This is what this means:

• Crafts will soon be able to reach traditional derivatives on the KAKEN platform.
• Ninjatrader users will be able to access the encryption markets through their own tools.

The deal is part of Kraken’s biggest goal: to become a multi -asset trading platform that meets both investors for retail and institutions.

Retail users get more tools

Kraken also paid some of the main products for ordinary users:

• Pushing kits: It was launched in the Q1, and allows users to send immediate payments across 300+ of encryption currencies, which makes Kraken more than just a trading place.
• The new consumer application: Kraken: The designed application focused on helping users to build wealth across different asset classes.
• Erotic services: It is available for users in 37 US states and two regions, with a focus on staying within the organizational guidelines.

Large updates for professional customers and institutional customers

For more merchants and advanced institutions, Krakeen has not retreated:

• API Futures Repair: This high -performance application programming interface has led 250 % of the month in the size of derivatives, providing better tools for partners and large institutions.
• Kraken Pro Programs: Based on the client’s observations, the statute has made updates such as:
  • The basis of asset -based cost
  • Average entry prices
  • P & L is not achieved
  • Multiple display methods and customized mobile interface
• OTC tools within Kraken Pro: Institutional degree implementation tools are now integrated into the Pro app to easily access.

Proof of reserves: Kraken continues to lift the tape

Kraken concluded further evidence of reserve audits as of March 31, 2025, allowing users to independently verify their holdings through the Merkle tree that can be verified as encrypted. It is not a single-time report-Kraken says it moves to a quarterly audit schedule to maintain the transparency of things.

“Cracks were leading in the practice of proving regular reserves – before it became an expectation of the industry – and we remain one of the few platforms to perform this process. We will continue to perform evidence of reserves and move to a quarterly rhythm.”

Revenue may have decreased a quarter of a quarter, and the average revenue for each user (ARPU) has decreased to $ 314 from $ 378, but the broader story here is clear: Kraken is still growing and implementing, even in the cooling market.

With the full ninjatrader gain and more institutional tools, Kraken puts its bets on a multi -origin future. The stock exchange not only aims to survive in bear cycles – it plans to go out stronger on the other side.

Also read: Tether reports of $ 1B and $ 120 billion in the US Treasury for the first quarter of 2025