At Kraken, transparency isn’t a slogan – it’s a normal. Our newest Proof of Reserves (PoR)attested as of September 30, 2025as soon as once more verifies that consumer belongings held on our platform are backed 1:1 and past. The method covers main cryptoassets, together with BTC, ETH, SOL, USDC, USDT, XRP and ADA.
We don’t count on blind belief. We don’t want it. We provide cryptographic proof.
New to PoR? Study the way it works in our newbie’s information.
What our September 2025 report exhibits
Our PoR captures a whole snapshot of consumer belongings throughout all companies – not simply spot balances. It consists of margin accounts, futures holdings and staked belongingsproviding a full-spectrum take a look at buyer publicity as of September 30, 2025:
A fast refresher – what’s Proof of Reserves?
Proof of Reserves is a cryptographic course of that permits shoppers to confirm — independently and privately — that their belongings are included in a third-party accountancy agency’s snapshot of the platform’s liabilities.
We use a Merkle tree to mix particular person balances right into a single cryptographic hash. Shoppers obtain a customized Merkle proofwhich they will use to verify inclusion with out revealing private particulars. The unbiased accountancy agency then confirms that Kraken’s onchain holdings exceed whole consumer balances — successfully verifying full reserves with out assumptions.
Why Kraken’s PoR goes additional
Whereas extra exchanges at the moment are providing “PoRs” in some type, not all of them provide the identical stage of rigor or transparency. Right here’s what units ours aside:
1. We account for liabilities, not simply belongings
Some platforms present what they maintain — however skip what they owe. We embrace whole consumer liabilities in each PoR. Something much less isn’t a full proof of reserves.
2. Person-level verification
Each consumer can confirm their very own inclusion utilizing our open-source Merkle verification software. This isn’t nearly belief – it’s about verification.
3. A decade of consistency
We first pioneered PoR in 2014 — and we haven’t stopped. Kraken conducts PoR repeatedly and methodicallynot simply throughout information cycles.
PoR is important. It’s not about guarantees. It’s about proof – seen, cryptographic, third-party-verified proof. Kraken’s course of is constructed to resist scrutiny and empower customers with data.
What’s subsequent – increasing scope
We’re dedicated to publishing PoRs quarterlyalongside our monetary disclosures, to make sure customers have a daily window into platform solvency. We’re additionally actively working to develop the protection of our PoRs to incorporate extra supported belongingsgiving a broader view of the reserves throughout our ecosystem.
For the reason that starting, Kraken has stood for accountability, independence and crypto-first values. We consider transparency ought to be an trade norm, not an afterthought. That’s why we’ll hold elevating the bar.
Able to confirm your account? Go to our Proof of Reserves portal.
