According to Bloomberg, Kraken reported a year-on-year revenue growth of 19% to $471.7 million for the first quarter of 2025, with adjusted EBITDA increasing by 17% to $187.4 million, and trading volume growing by 29% year-on-year. Despite the average revenue per user declining by 11% year-on-year and 17% quarter-on-quarter, the company stated that this was mainly affected by the increase in new users.