{“financial_results”:{“revenue”:”$412 million”,”revenue_growth”:”18% year-over-year increase”,”adjusted_EBITDA”:”$80 million”,”trading_volume”:”$186.8 billion”,”trading_volume_growth”:”19% annual growth”,”funded_accounts”:”4.4 million”,”funded_accounts_growth”:”37% year-over-year increase”,”assets_under_custody”:”$43.2 billion”,”assets_under_custody_growth”:”47% from the previous year”},”key_areas_of_strength”:[{“name”:”Market Share Expansion”,”description”:”The exchange increased its spot trading market share, particularly in stablecoins where its share grew from 43% to 68%.”},{“name”:”Strategic Investments”,”description”:”Kraken accelerated product development and platform enhancements while executing targeted marketing campaigns with strong ROI.”},{“name”:”Cost Management”,”description”:”The company maintained focus on operational efficiency to build sustainable business operations.”}],”product_developments”:[“Launched Europe’s largest MiFID-regulated crypto futures suite”,”Introduced regulated U.S. derivatives access via CME”,”Expanded institutional services including prime brokerage and custody solutions”,”Rolled out white-label crypto-as-a-service solution (Kraken Embed)”,”Added commission-free stock trading for U.S. clients”,”Tokenized 55 blue-chip stocks and 5 ETFs for international clients”,”Launched global wallet app (Kraken App) with 300+ supported assets”],”regulatory_milestones”:[“Became first exchange authorized under MiCA by Ireland’s Central Bank”,”Obtained Canadian restricted dealer license”],”transparency_initiatives”:[“Completed latest Proof of Reserves audit”,”Maintains industry-leading asset verification practices”],”upcoming_initiatives”:[“International expansion of stock/ETF trading”,”Broader tokenized stock offerings”,”Kraken-branded debit card partnership with Mastercard”,”NinjaTrader platform integration”]}