Kraken is preparing to go public in the near future via an IPO. The surge in trading volume signals the re-emergence of FOMO crypto trading amid bullish sentiment. Bitcoin has already broken out of a major resistance and a euphoric rally is around the corner. Kraken, a veteran cryptocurrency exchange, announced the financial update for the first quarter of 2025. The cryptocurrency exchange reported a gross revenue of $471.7 million, up 19 percent YoY but down 7 percent QoQ. According to the announcement, Kraken recorded an adjusted EBITDA of $187.4 million, up 17 percent and 1 percent YoY and QoQ respectively. The company reported a total trading volume of about $208.7 billion, up 29 percent YoY but down 10 percent QoQ. What Next For Kraken Kraken exchange intends to follow Coinbase Global Inc. (NASDAQ: COIN) by going public via an IPO, potentially in the first half of 2026. The cryptocurrency exchange completed the acquisition of NinjaTrader, to enhance the combination of traditional finance and the cryptocurrency market, “We always want to be ready to be able to grow with our customers. If it’s better on behalf of our customers to have access to capital markets, we’ll do it. We’ll be able to have the ability to go public when we want to, not subject to market conditions,” Arjun Sethi, the company’s co-chief executive officer, said in an interview. Key Derivation for Crypto The notable growth in Kraken’s gross revenue and adjusted EBITDA confirms the rising demand for digital assets reported in the past year. The improving global liquidity amid the rising adoption of digital assets by institutional investors and nation-states signals a parabolic rally is on the horizon. Moreover, the United States, under President Donald Trump, is about to implement its Strategic Bitcoin Reserve. Additionally, more nations have implemented clear crypto regulations in the past few years compared to the 2021 bull cycle.