According to online reports, Kraken said in his blog that its revenue for the first quarter of 2025 was US$472 million, a year-on-year increase of 19%, mainly driven by market fluctuations in the 100 days before Trump's second term. The exchange plans to list in the first quarter of 2026. Adjusted EBITDA increased 17% year-on-year to US$187.4 million, and transaction volume increased 29% year-on-year. "We have also surpassed broader industry benchmarks, demonstrating increased market share and deeper customer engagement," Kraken said. Despite the weakening of the overall market, platform assets continued to grow during the quarter.