Kraken Posts 45% Revenue Surge in Q1—Crypto Winter Thaws Faster Than Wall Street’s Lunch Breaks

Kraken just dropped its Q1 numbers, and the crypto exchange isn’t just surviving—it’s thriving. Revenue up nearly half year-over-year, outpacing even the most bullish analyst predictions.

### The Bull Case Gets Louder

While traditional finance scrambles to explain the rally, on-chain metrics tell the real story: institutional wallets are loading up. Bitcoin ETFs? Old news. The real action’s in altcoin accumulation.

### Regulatory Side-Eye Continues

Sure, the SEC still treats crypto like a back-alley poker game, but with numbers like these, even the stiffest suit in Washington can’t ignore the sector’s staying power. (Though we give it until Q3 before someone proposes a ’protective’ 30% transaction tax.)

The takeaway? When an exchange known for compliance-first rigor starts posting gangbuster growth, maybe—just maybe—the ’speculative bubble’ narrative needs a software update.

• Kraken is preparing to go public in the near future via an IPO.

• The surge in trading volume signals the re-emergence of FOMO crypto trading amid bullish sentiment.

• Bitcoin has already broken out of a major resistance and a euphoric rally is around the corner.

Kraken, a veteran cryptocurrency exchange, announced the financial update for the first quarter of 2025. The cryptocurrency exchange reported a gross revenue of $471.7 million, up 19 percent YoY but down 7 percent QoQ. 

According to the announcement, Kraken recorded an adjusted EBITDA of $187.4 million, up 17 percent and 1 percent YoY and QoQ respectively. The company reported a total trading volume of about $208.7 billion, up 29 percent YoY but down 10 percent QoQ.

What Next For Kraken

Kraken exchange intends to follow Coinbase Global Inc. (NASDAQ: COIN) by going public via an IPO, potentially in the first half of 2026. The cryptocurrency exchange completed the acquisition of NinjaTrader, to enhance the combination of traditional finance and the cryptocurrency market,

“We always want to be ready to be able to grow with our customers. If it’s better on behalf of our customers to have access to capital markets, we’ll do it. We’ll be able to have the ability to go public when we want to, not subject to market conditions,” Arjun Sethi, the company’s co-chief executive officer, said in an interview.

Key Derivation for Crypto

The notable growth in Kraken’s gross revenue and adjusted EBITDA confirms the rising demand for digital assets reported in the past year. The improving global liquidity amid the rising adoption of digital assets by institutional investors and nation-states signals a parabolic rally is on the horizon. 

Moreover, the United States, under President Donald Trump, is about to implement its Strategic Bitcoin Reserve. Additionally, more nations have implemented clear crypto regulations in the past few years compared to the 2021 bull cycle.