Kraken began 2025 building on 2024’s solid momentum, navigating a shifting and softening market to outperform, even growing volume share. Our sustained performance across cycles demonstrates the resiliency of our platform, which continues to attract new clients and deepen existing relationships.

We took a meaningful step toward our multi-asset vision by acquiring NinjaTrader, and rolled out dozens of new products and features – a few of which we highlight below.

Strong topline performance and disciplined execution 

Kraken generated approximately $472 million in gross revenue for Q1 2025 and adjusted EBITDA of $187 million. This marks a 19% year-over-year revenue increase, despite a slowdown in overall market trading activity following a strong Q4 2024. While Q1 revenue declined 7% sequentially due to overall market softness, adjusted EBITDA rose 1% sequentially – highlighting Kraken’s resilience amid seasonality. Total exchange trading volume grew 29% year-over-year, while funded accounts increased 26% year-over-year.

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

Accelerating multi-asset class ambitions – NinjaTrader acquisition complete

Today, we completed the acquisition of NinjaTrader — a significant milestone for our business. 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. 

Crypto traders will soon be able to seamlessly access traditional derivatives within Kraken’s trading experience and derivatives traders will be able to access crypto markets on the NinjaTrader platform.

NinjaTrader’s infrastructure and community of engaged traders are fully aligned with Kraken’s vision of an institutional-grade trading platform where any asset can be traded, anytime. Read more on the completion of the acquisition here.

New consumer products

In Q1, we executed swiftly to roll out high-impact, client-first products for our growing retail user base:

• Kraken Pay: We launched instant, borderless payments across 300+ crypto and fiat currencies – positioning Kraken as both a trading venue and a real-world financial utility.
• New Kraken consumer app: We introduced a new app built for intuitive wealth-building across asset classes, reflecting our vision to become a holistic financial partner for a wider range of clients.
• Staking (U.S. clients in 37 states and 2 territories): We reinforced our leadership in yield-generating services, with a strong emphasis on regulatory alignment.

Institutional and professional products

For our professional traders and institutions, we also continued pushing the boundaries to enhance their trading experience.

• FIX API for futures: We launched our institutional-grade API, enabling robust and standardized connectivity for the largest institutions and partners to further boost liquidity and volumes on our derivatives platform. With 250% month-over-month volume growth in Q1 alone from this release, we anticipate growing dividends for our clients as we continue to enhance these services in the year ahead.
• Kraken Pro UI/UX overhaul: We delivered on top client feedback requests, covering asset-based cost basis, average entry price and unrealised P&L, mobile app customisation, an improved web order form, upgraded multi-charts, markets page, account statements and more.
• Kraken OTC in the Kraken Pro app: We made institutional-grade execution tools accessible directly within our Kraken Pro app – bridging the experience between high-volume and everyday traders.

In addition to a multitude of optimizations to our existing product suites, these Q1 release highlights showcase how Kraken is actively shaping the future of finance. We are strategically building new layers to expand our addressable market, strengthen user engagement and build long-term competitive advantages for our ecosystem.

Transparency through Proof of Reserves

Today, we are also announcing the completion of our latest Proof of Reserves for supported cryptocurrencies custodied securely by Kraken as of March 31, 2025.  

While industry participants often rely on an auditor’s single attestation, Kraken continues to set the bar higher by enabling clients to independently confirm their assets are fully backed onchain. We do this by producing a cryptographically verifiable Merkle tree proof that enables clients to confirm that their account balance was included in the report independently validated by Kraken’s third-party accountancy firm. In other words, Kraken is fully accountable to our clients, who have unmatched visibility into the integrity of their holdings.

Kraken pioneered the practice of regular Proof of Reserves – well before it became an industry expectation – and we remain one of the few platforms to perform this process. We will continue to conduct Proof of Reserves and move to a quarterly cadence. This consistent transparency is foundational to how we operate and will remain a key differentiator as we scale our products and services across asset classes.

A strong Q1

Kraken’s performance in Q1 2025 shows that we’re positioned to thrive during market volatility and we’re building momentum as we make long-term investments in our platform. As the crypto landscape continues to evolve, we remain committed to delivering value for our clients, partners and the broader ecosystem.

Stay tuned for more updates as we continue to build the future of finance, responsibly.

Revenue represents the total gross revenues for the period indicated. EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA excludes irregular, non-recurring, and/or discretionary expenses and is intended to provide a clearer view of the company’s core profitability. Assets on Platform are measured at the last day of the fiscal quarter. Funded accounts represent total funded customers with a balance greater $0 as of the last day of the quarter. Total Trading Volume includes Spot, Margin, Futures, and Consumer exchange volumes for the period indicated. Average Revenue Per User (ARPU) is measured based on total quarterly gross revenue / quarterly transacting users for the fiscal quarter. Quarterly transacting users represent the number of distinct users that transacted on the platform at least once during the fiscal quarter.

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Bitcoin (BTC) is facing strong bearish pressure, struggling to break above the $85,000 level as macro uncertainty weighs on the market. Since late January, BTC has lost over 29% of its value, with investors growing increasingly fearful of further downside. Global trade war fears and volatile macroeconomic conditions have put both the crypto and U.S. stock markets under pressure, leaving traders uncertain about the next major move for Bitcoin.

Despite the ongoing downtrend, some analysts see potential for a market reversal. Top analyst Ali Martinez shared insights on X, pointing out that global liquidity is expanding rapidly. Historically, this trend has been a bullish catalyst for Bitcoin, often leading to significant price surges when liquidity enters the market. If this pattern holds, BTC could see renewed buying pressure in the coming weeks.

However, in the short term, bears remain in control, and BTC must reclaim key technical levels before a recovery can begin. If macro conditions remain uncertain, Bitcoin could stay under pressure, potentially testing lower support levels before any meaningful bounce. The next few weeks will be critical in determining whether BTC can stabilize or if further losses are ahead.

Bitcoin Hits Lowest Levels Since November 2024

Bitcoin (BTC) is currently trading at its lowest levels since November 10, 2024, with bulls struggling to regain control. The market has remained in a strong downtrend since late January, and fear continues to push lower price targets, as many investors now question whether the Bitcoin bull cycle is over. With BTC failing to reclaim key resistance levels, sentiment remains decisively bearish, increasing the risk of further downside in the coming weeks.

Despite the ongoing decline, Martinez’s insights on X remark that global liquidity is expanding rapidly. Liquidity growth has been a driver for Bitcoin price increases, and if past trends hold, BTC could catch up around mid-April. However, for this scenario to unfold, bulls must defend key support levels and regain momentum in the coming weeks.

The broader market downturn has been largely influenced by macroeconomic uncertainty and rising volatility since the U.S. elections in November 2024. Concerns over global trade wars, unstable economic policies, and erratic market reactions have made it difficult for risk assets like Bitcoin to sustain any significant upward momentum. Given that these macroeconomic concerns remain unresolved, Bitcoin is likely to stay under pressure until market conditions show signs of improvement.

For now, bulls have a lot of work to do to reverse the bearish trend and bring BTC back above key technical levels. If liquidity expansion drives renewed buying pressure, the market could see a recovery. However, if macro conditions remain unfavorable, Bitcoin may continue to trade in a downward trajectory in the short term.

Bitcoin Struggles to Reclaim $85K

Bitcoin is currently trading at $83,300, with bulls struggling to regain momentum after weeks of selling pressure. The key level for a potential recovery remains $85,000, as this mark aligns closely with the 200-day moving average (MA). If BTC fails to break above this level soon, bearish sentiment is likely to persist, increasing the risk of further downside.

For Bitcoin to initiate a recovery rally, bulls must push above the 200-day MA quickly. A break and close above this level would signal renewed buying interest, potentially leading to a stronger move toward higher resistance zones. However, BTC’s struggles at this technical barrier indicate that market confidence remains weak, with traders hesitant to enter long positions amid growing uncertainty.

If Bitcoin fails to reclaim the 200-day MA in the coming days, the risk of a sharp drop below $80,000 increases significantly. A break below this psychological level could trigger further sell-offs, sending BTC toward lower demand zones. The next few trading sessions will be critical in determining whether BTC can reverse its recent losses or if the downtrend will continue into deeper territory.

Featured image from Dall-E, chart from TradingView

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A popular crypto analyst thinks Ethereum (ETH) will have to endure some “pain” before rebounding.

In a new YouTube video, Benjamin Cowen tells his 886,000 subscribers that there probably needs to be a change in monetary policy in order for ETH’s chart against Bitcoin (BTC) to bottom.

“But in order to have a change in monetary policy, you have to have pain. Welcome to the pain. This is the pain that you ultimately need. Remember last cycle [in 2019], ETH/Bitcoin bottomed after ETH/USD broke support.” 

Cowen notes that ETH fell below its support level against the US dollar in 2019 right before the Federal Reserve ended quantitative tightening.

The analyst says that everything that happened in the previous cycle is “basically happening this cycle, it’s just taking place on a longer timeframe.” Cowen also notes that most of the price points of the current cycle are roughly 10x what they were in the 2019 market.

“The reason why people are having a hard time navigating this cycle and why it feels so different is because monetary policy never changed this cycle. In the last cycle, we saw a change in monetary policy in the pre-halving year. We’re now in the post-halving year and we still haven’t seen a change to the quantitative tightening. We’ve seen them taper it a little bit. They’ve slowed it down, but they’ve never actually stopped it.”   

ETH is trading at $1,907 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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