Kraken co-CEO says exchange revenue, up 3% to $507 million, is a ‘more resilient’ mix amid spending spree
The Block
Kraken reports $507 million in Q1 revenue, emphasizing long-term product investment and platform diversification despite a sharp drop in EBITDA.Summary
Kraken's parent company, Payward, reported $507 million in first-quarter revenue, a 3% year-over-year increase. Co-CEO Arjun Sethi attributed the significant decline in adjusted EBITDA to strategic investments in acquisitions and product innovation, including tokenized equities and derivatives. While the company aims for a public listing, recent valuation adjustments and a reported staff reduction suggest potential delays in its IPO timeline to 2027.
(Source：The Block)