Kraken, a major crypto exchange, saw its revenue jump 19% to $471.7 million in the first three months of 2025. This revenue jump came due to a more active crypto market. Now the firm is also planning to go public, possibly in early 2026.
A year ago, the firm’s earnings rose 17% to $187.4 million from $160 million. Despite its revenue dip of 7% from the prior quarter, its earnings rose by 1%.
Despite a late-quarter dip in major token prices, Kraken’s trading volume grew by 29% year-over-year, boosting its market share. This rise came from hopes that President Donald Trump, who supports cryptocurrencies, would be elected for a second term.
However, average revenue per user fell 11% annually to $314 due to an influx of new users, said co-CEO Arjun Sethi. As per the reports, the San Francisco-based firm, officially Payward Inc., is preparing for a potential initial public offering (IPO) in Q1 2026. undeterred by a weaker IPO market following Trump’s tariff announcements.
Sethi emphasized Kraken’s readiness to go public when it benefits customers, regardless of market conditions. Following Kraken’s announcement, Gemini Trust is also preparing to go public by selling its shares. The firm’s competitors, Robinhood and Coinbase, are doing well. Robinhood’s crypto-related revenue has doubled to $252 million in the first three months of the year, while Coinbase is expected to see its sales grow by about 30%.
Kraken also bought NinjaTrader, a trading platform, for $1.5 billion. This purchase will soon let Kraken’s crypto traders trade traditional derivatives, like futures contracts, in addition to cryptocurrencies. Kraken and other crypto firms are growing, performing strongly, and expanding their services to offer more trading options. “Our users can now trade any asset, anywhere,” Sethi said.
Also Read: Kraken Closes NinjaTrader Deal, Hits Revenue of $471M in Q1
