Kraken reported a solid first-quarter performance, with revenue reaching $472 million, marking a 19% year-over-year increase. The company also saw its adjusted EBITDA climb to $187 million, reflecting a 1% quarter-over-quarter and 17% year-over-year gain.

A significant 29% increase in trading volume and a 26% rise in funded accounts fueled much of the momentum, although total platform assets slipped by 2% to $34.9 billion, largely due to market revaluations rather than user attrition.

The quarter was also defined by strategic expansion: Kraken acquired NinjaTrader, a well-established derivatives and futures trading platform. The company called the deal the largest TradFi-crypto merger to date, signaling a deeper push into traditional financial instruments.

“This acquisition strengthens our vision of delivering a unified, multi-asset trading experience,” Kraken noted in its Q1 update. The move will allow Kraken users to access traditional futures markets, while NinjaTrader clients gain exposure to digital assets.

Kraken also expanded its product ecosystem by launching Kraken Pay, a cross-border crypto payment service, and announced a partnership with Mastercard to roll out crypto debit cards later this year.

As part of its ongoing transparency efforts, Kraken completed a Proof of Reserves audit as of March 31, with verifiable on-chain data available through Merkle tree proofs. The exchange confirmed it will continue publishing such attestations every quarter.