Krypto trading boom raises octopus turnover in the first quarter to $ 472 million

• EBITDA for the quarter reached $ 187.4 million, an increase of 17 %.
• The trading volume rose by 29 % in the course of a 35 % rally at Bitcoin prices.
• The introduction of institutional fixed API increased the futures volumes by 250 %.

Kraken, one of the Longestoperating cryptocurrency exchanges in the United States, reported by an increase in income by 19 % for the first quarter of 2025, which reached $ 472 million.

The increase in commercial activity followed an increased price volatility in the cryptom market, which was largely driven by the return of Donald Trump to the White House and his pro-crypto guidelines, including the discussion about a national Bitcoin reserve.

The EBITDA of octopus before interest, taxes, depreciation and amortizations (EBITDA) reached $ 187.4 million, which corresponds to an increase of 17 % compared to Q1 2024.

Despite strong numbers, however, regulatory pressure, increasing competition and market uncertainty remain important hurdles for the long-term strategy of the company.

sales increases thanks to market volatility and pro-bitcoin mood

According to company data, the trading volume of octopuses increased by 29 %from January to March, which corresponded to the 35 %increase in Bitcoin prices-from 69,000 to $ 94,000 in the same period.

The increased volume was partially driven by the positive mood after the commitment of the Trump administration, Bitcoin as a strategic reserveasset.

This political signal helped to promote the general interest in the cryptocurrency sector, with large stock exchanges, including octopuses, from the resulting speculative activity.

The increase in crypto reviews and trade enthusiasm also fell together with the increasing use of progressive functions on the octopus platform.

The company introduced a futures-oriented fixed API in the quarter.

The product publication led to an increase in the monthly futures trading volume by 250 %, which underlines change towards a professional infrastructure.

NinjaTrader-acquisition brings new traders and products to the portfolio

Kraken expanded its offer in March 2025 with the acquisition of NinjaTrader for $ 1.5 billion.

The deal added almost 2 million traders to the octopusal system and enabled octopuses to diversify in broad financial markets beyond cryptocurrencies.

With the acquisition, octopus now offers the trade with futures contracts that are bound to raw materials, foreign exchange and stocks-a strategic turn to reduce the dependency on the platform on crypto market cycles.

indicated that the institutional strategy will develop in the course of 2025, with further integrations and improvements of the platform in the pipeline.

its diversification in adjacent markets reflects a trend that can be observed in the industry, since stock exchanges try to survive periods of low volatility and to gain capital from outside the cryptonative audience.

challenges despite strong Q1

Despite the growth

The stock exchange acts in an increasingly saturated market, in which Binance, coinbase and several Asian providers aggressively pursue market shares on a global scale.

The maintenance of user growth will probably continue to require product innovations and regional expansion.

The company's revenue model remains closely connected to the trading volume, which makes it susceptible to market differences or longer bear cycles.

While the early year 2025 benefited from speculative backwinds, a cooling of the Bitcoin rally could affect the results of the next quarter

octopus must navigate a fluid regulatory environment.

While the Trump administration has signaled support for digital assets, the regulatory supervision by the Securities and Exchange Commission and other authorities develop.

Global compliance requirements could also represent hurdles, while octopus penetrates new geographical regions, including Asia.

The blog post of the company of May 1, 2025 indicated plans to expand octopus pay and on-chain-staking services, which could offer a potential way to more stable, recurring income.

However, the implementation risks remain, especially since the competition increases and regulatory clarity in various jurisdictions remains inconsistent.