Kraken completes newest Proof of Reserves, raising the bar for crypto platform transparency

We’re proud to once again reaffirm our industry leadership in transparency with our latest Proof of Reserves (PoR), completed as of March 31, 2025, including client holdings in BTC, ETH, SOL, USDC, USDT, XRP — and for the first time — ADA. This rigorous verification process confirms we hold sufficient assets to fully back client balances. We don’t just ask you to trust us – we ask you to cryptographically verify our custody of your cryptoassets.

If you’re brand new to PoR, check out our What is Proof of Reserves? A Beginner’s Guide blog post.

Our latest PoR Bitcoin reserve result: 114.9% coverage

In our most recent PoR, we verified that we hold 192,091.25 BTC in our wallets, while customer balances total 167,188.68 BTC. This results in a reserve ratio of 114.9%, meaning we hold nearly 15% more Bitcoin than we owe to our users.

Note our PoR doesn’t just include spot holdings – it also incorporates margin positions, futures balances and even staked assets. This holistic approach ensures that all types of customer exposure are considered. And there are other ways our PoR method continues to set the industry standard.

Just what is PoR?

PoR is a cryptographic process that allows cryptocurrency exchanges to publicly demonstrate that they hold user assets in full. Kraken uses a Merkle tree – a cryptographic data structure that compiles all user balances into a single root hash – allowing users to verify that their specific balances were included, without compromising personal privacy.A third party then verifies that the exchange’s onchain holdings are equal to or greater than total client balances. This helps confirm that we are not operating on fractional reserves.

Not all PoRs are created equal

While many exchanges now offer some form of what they call a PoR, our approach stands out in several key ways:

• Full liability inclusion
  We don’t just showcase assets – we also disclose client liabilities. Many platforms omit this crucial half of the equation, which can give a misleading impression of solvency.
• User-level verification tools
  We allow users to independently verify that their balances were included in the PoR process via Merkle tree proofs. This added transparency builds trust and accountability.
• Consistent and ongoing transparency
  We don’t treat PoR as a one-time PR exercise. Having pioneered the process in 2014, we conduct it routinely, ensuring users have consistent visibility into how the platform is managing their funds.

Because “Take our word for it” isn’t good enough

Following the collapse of several prominent crypto exchanges – most notably FTX – clients must demand transparency and accountability. PoR provides a clear, verifiable way for us to prove that client assets are safe and fully accounted for.

Our high reserve ratio and user-verifiable methodology are a direct response to this need. It’s not just about saying funds are safe – nearly every exchange that has ever failed has promised client funds were safe. It’s about proving it: Cryptographically, independently and regularly.

More proof, more often: Moving to a quarterly PoR cadence

Looking ahead, we commit to releasing a PoR quarterly, along with our previous-quarter financial results, in an effort to provide even more frequent transparency. Additionally, we’re working toward expanding the scope of future PoRs to include a broader range of supported assets, further strengthening our commitment to accountability across the entire platform.

Since 2014, we have been a leader in setting – and raising – the PoR standard for crypto holders seeking a trustworthy and forward-looking exchange.

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