Kraken confirms all client assets fully backed in year-end Proof of Reserves
Cryptocurrency exchange says latest audit includes margin, staking and futures balances across major tokens
Kraken has published a year-end Proof of Reserves (PoR) report showing that all client assets held on the platform as of 31 December 2025 are backed one-to-one or more.
The cryptocurrency exchange said the report covers a full snapshot of user holdings, including not only spot balances but also assets held in margin accounts, futures positions and staking services. Major cryptoassets such as Bitcoin (BTC), Ether (ETH), Solana (SOL), USD Coin (USDC), Tether (USDT), Ripple (XRP) and Cardano (ADA) are included.
Kraken said it uses a Merkle tree—a cryptographic structure that combines many individual balances into a single secure fingerprint—to prove holdings without revealing user data. Each user can verify that their balance is included using an open-source tool and a personal Merkle proof.
An independent accountancy firm confirmed that Kraken’s onchain reserves exceed total client liabilities, according to the company.
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Kraken first introduced Proof of Reserves in 2014 and said it now conducts the process “regularly and methodically”. The company said it aims to publish PoR reports quarterly alongside financial statements, and is working to expand coverage to include additional assets in future audits.
Clients can access the PoR portal to verify their balances and download individual Merkle proofs.
The Recap
- Kraken posted its December 2025 Proof of Reserves.
- PoR covers BTC, ETH, SOL, USDC, USDT, XRP, ADA.
- Company will publish PoRs quarterly alongside disclosures.
