Ethereum Gained 2.60% to $1841.18Data Talk

Kraken saw revenue jump to $472 million in the first quarter of 2025, according to a statement on Thursday. This represents 19% growth year-over-year, largely driven by a surge in volatility in the first quarter, during the first 100 days of President Trump’s second term. 

The firm’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITA) also rose 17% to $187.4 million year over year, while total exchange trading volume grew 29% in the same period. This follows the $1.5 billion in revenue generated in 2024.

“While Q1 revenue declined 7% sequentially due to overall market softness, adjusted EBITDA rose 1% sequentially – highlighting Kraken’s resilience amid seasonality,” the company wrote in a blog, which noted there was a “slowdown in overall market trading activity” following an unusually busy Q4 in 2024 during the U.S. election season. 

Kraken, on the road to a planned public listing next year, has been steadily growing its business. The firm recently purchased NinjaTrader, enabling it to offer derivatives trading in the U.S., its largest market. It also expanded into stock and ETF trading through a brokerage partnership with Alpaca.

The Block reported Thursday that Kraken officially rolled out derivatives trading in the UK, its second-largest market. Kraken Head of Derivatives Alexia Theodorou said that the exchange’s spot and derivatives volumes are currently on par, but that derivatives represent a much larger opportunity. 

The exchange, one of the oldest in continuous operation, also introduced Kraken Pay, a new “wealth-building” consumer app and institutional-grade API. In Q1, the exchange's volume grew 250% month over month, and funded accounts increased 26% year over year. 

“We also outpaced broader industry benchmarks, signaling both expanding market share and deeper client engagement,” Kraken said. “Assets on platform continued to grow, although the value decreased sequentially due to headwinds in broader cryptoasset market pricing.”

According to co-CEO Arjun Sethi, Kraken is still looking to go public despite softening IPO demand amid economic uncertainty caused by Trump’s erratic policymaking. Other exchanges, including Bullish and Gemini, have also previously announced plans to list. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Avraham "Avi" Eisenberg, who was accused of being behind the multi-million dollar exploit of Mango Markets, was sentenced to just over four years on Thursday for a separate case involving possessing child sexual abuse material, according to reporting from Inner City Press. 

Eisenberg was convicted in April 2024 of executing a manipulative scheme on the DeFi platform to exploit $110 million. He was ultimately found guilty of commodities fraud, commodities manipulation, and wire fraud.

When he was arrested, prosecutors said they obtained a search warrant for Eisenberg's electronic devices, which is where they found the child sexual abuse material, according to a recent filing.

"Agents identified approximately 1,274 images and videos of child sexual abuse material, which the defendant downloaded between 2017 and 2022," they said. 

According to that filing, Eisenberg previously pled guilty to one count of information charging him with obtaining the explicit material between 2017 and 2022.

The Mango exploit 

Mango Markets was exploited in October 2022 after the price of MANGO, the platform's native token, was artificially pumped. The protocol was then exploited through a bad debt position, when a borrower took funds that would not or could not be paid back, leaving Mango Markets in the hole.

The exploit involved putting $5 million worth of the stablecoin into Mango Markets and then opening a remarkably long position. This caused MANGO's price to jump around 1,000% within an hour, raising the exploiter's collateral value. Then, the exploiter borrowed other tokens on Mango Markets to accrue a large debt position before making off with the funds.

Eisenberg later returned $67 million in funds to Mango Markets, and the protocol's community allowed him to keep $47 million in a governance vote.

The 29-year-old previously fought fraud charges, arguing that his actions were part of a legal group-trading strategy that used the protocol "as designed." Last week, the prosecutor sought an 8-year sentence for Eisenberg, citing "the gravity" of his crimes and saying that Eisenberg knew that his actions were illegal. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

A Texas member of the US House of Representatives has proposed that government officials consider installing cryptocurrency ATMs in federal buildings across the country.

In a May 1 letter to Stephen Ehikian, the acting administrator of the General Services Administration (GSA) — the entity responsible for managing the US government’s properties — Rep. Lance Gooden claimed that introducing crypto ATMs to federal buildings would serve as an “educational resource” and reflect advances in financial technology. He requested that the GSA begin exploring the necessary guidelines and regulations needed to install such ATMs in government-controlled properties across the US, citing alignment with President Donald Trump’s goals.