The Crypto Exchange Kraken reported $ 472 million in revenue for the first quarter of 2025, which is an increase of 19% from a year earlier despite a softening crypto market. The adjusted adjusted EBITDA (profits before deduction) reached $ 187 million, an increase of 17% year over year.

Trade volume on the platform rose 29% year-over years and financed accounts grew by 26%, while assets on the platform dropped 2% to $ 34.9 billion. The Kraken attributed to the fall to a decrease in the value of these assets.

However, the headline in the quarter was Kraken’s completed acquisition of Ninjatrader, a retail -focused futures and derivatus platform.

“This transaction marks the largest ever-ever agreement that combines traditional funding (Tradfi) and crypto. More than an expansion of our business strengthens this strategic acquisition our position in derivatives for both tradfi services and crypto,” the exchange wrote in a report.

The deal places the exchange to serve dealers who want to access both asset classes in one place. It allows Crypto Traders to access traditional futures contracts, while ninjatrader users have access to the crypto market.

The move promotes Kraken’s ambition to become a platform with multiple assets. It came in the same quarter that Kraken launched a feature that enabled cross -border payments, Kraken Pay. It will be increased with the introduction of cryptodetbite card in partnership with MasterCard.

Kraken also completed a proof of reserves attestation for cryptocurrencies depot of the exchange per year. 31 March. The company, which allows users to verify their assets independently on-chain through a Merkle Tree Proof, said it plans to publish this evidence quarterly.