This revenue jump came due to a more active crypto market. Now the firm is also planning to go public, possibly in early 2026.
Kraken, a prominent cryptocurrency exchange, has reported a 19% surge in revenue to $471.7 million for the first quarter of 2025, compared to the same period last year. The revenue jump was driven by increased activity in the crypto market. The firm is also planning to go public, possibly in early 2026.
Last year, the firm’s earnings slid 17% to $187.4 million from $160 million. Despite a 7% dip in revenue from the prior quarter, its earnings rose by 1%.
Despite a late-quarter decline in major token prices, Kraken’s trading volume grew by 29% year-over-year, boosting its market share. This rise was fueled by hopes that President Donald Trump, a known supporter of 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. According to the reports, the San Francisco-based firm, officially Payward Inc., is preparing for a potential initial public offering (IPO) in Q1 2026, continuing its expansion plans despite a weaker IPO market following Trump’s tariff announcements.
Sethi highlighted that Kraken is ready to go public when it benefits its customers, rather than being driven by market conditions.
Following Kraken’s announcement, another crypto firm, Gemini Trust, is also preparing to go public by selling its shares. Some of Kraken’s competitors, such as Robinhood and Coinbase, are performing well.
According to the report by TechCrunch, covering the first quarter of 2025, Robinhood’s crypto-related revenue has doubled to $252 million. On the other hand, Coinbase is expected to see its sales grow by about 30%.
Earlier this year, Kraken acquired the trading platform NinjaTrader for $1.5 billion. This purchase will soon enable Kraken’s crypto traders to trade traditional derivatives, such as futures contracts, in addition to cryptocurrencies. As both Kraken and other crypto firms continue to grow and expand their services to offer more trading options, they are also expanding the types of assets they offer to trade. “Our users can now trade any asset, anywhere,” Sethi concluded.
