Kraken said in a blog post that its 2025 Quarter 1 revenue was $472 million, up 19% year-over-year, driven primarily by market volatility in the first 100 days of Trump's second term. The exchange plans to list Quarter 1 in 2026. Adjusted EBITDA rose 17% year-over-year to $187.40 million, and trading volume rose 29% year-over-year. "We also outperformed broader industry benchmarks, indicating increased market share and deeper customer engagement," Kraken said. Platform assets continued to grow during the quarter despite overall market weakness.