Kraken revenue hits $472 million in Q1, boosted by Trump-era volatility ahead of planned IPO

Kraken saw revenue jump to $472 million in the first quarter of 2025, according to a statement on Thursday. This represents 19% growth year-over-year, largely driven by a surge in volatility in the first quarter, during the first 100 days of President Trump’s second term. 

The firm’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITA) also rose 17% to $187.4 million year over year, while total exchange trading volume grew 29% in the same period. This follows the $1.5 billion in revenue generated in 2024.

“While Q1 revenue declined 7% sequentially due to overall market softness, adjusted EBITDA rose 1% sequentially – highlighting Kraken’s resilience amid seasonality,” the company wrote in a blog, which noted there was a “slowdown in overall market trading activity” following an unusually busy Q4 in 2024 during the U.S. election season. 

Kraken, on the road to a planned public listing next year, has been steadily growing its business. The firm recently purchased NinjaTrader, enabling it to offer derivatives trading in the U.S., its largest market. It also expanded into stock and ETF trading through a brokerage partnership with Alpaca.

The Block reported Thursday that Kraken officially rolled out derivatives trading in the UK, its second-largest market. Kraken Head of Derivatives Alexia Theodorou said that the exchange’s spot and derivatives volumes are currently on par, but that derivatives represent a much larger opportunity. 

The exchange, one of the oldest in continuous operation, also introduced Kraken Pay, a new “wealth-building” consumer app and institutional-grade API. In Q1, the exchange's volume grew 250% month over month, and funded accounts increased 26% year over year. 

“We also outpaced broader industry benchmarks, signaling both expanding market share and deeper client engagement,” Kraken said. “Assets on platform continued to grow, although the value decreased sequentially due to headwinds in broader cryptoasset market pricing.”

According to co-CEO Arjun Sethi, Kraken is still looking to go public despite softening IPO demand amid economic uncertainty caused by Trump’s erratic policymaking. Other exchanges, including Bullish and Gemini, have also previously announced plans to list.