Kraken Q2 Revenue Jumps 18% to $411.6M on Trading and Asset Growth

Kraken’s second-quarter revenue reached $411.6 million, an 18% increase year-over-year, driven by a 19% rise in trading volumes and a 47% surge in assets under management to $43.2 billion. The exchange also reported 4.4 million funded accounts, up 37% from the previous year. These figures reflect Kraken’s broader expansion strategy, which includes diversifying beyond cryptocurrency trading into traditional financial products such as equities and tokenized assets [1][2].

The exchange launched several new services in Q2, including commission-free U.S. equities trading, FX perpetual futures in Europe, and tokenized blue-chip stocks and ETFs under its xStocks initiative. These moves are part of Kraken’s effort to become a multi-asset trading platform, aiming to bridge traditional finance (TradFi) and crypto. The expansion comes as industry peers like Bybit and Coinbase also explore tokenized equities, signaling a growing trend in the sector [3].

Despite the revenue growth, adjusted EBITDA fell by 7% to $79.7 million, from $85.5 million in the same period in 2024. The decline is attributed to increased spending on product development, compliance, and user acquisition, as the firm prioritizes long-term growth over immediate profitability. A financial analyst noted that this strategy involves significant short-term costs but could pay off if user growth and asset diversification continue at the current pace [4].

Kraken’s stablecoin-to-fiat trading share increased from 43% to 68%, suggesting a shift in trading behavior amid macroeconomic uncertainty. This trend highlights how traders are adapting to global financial conditions by using stablecoins as a hedge. The firm’s leadership emphasized its commitment to innovation and real-time on-chain access across asset classes, positioning Kraken as a leader in the next phase of digital banking [5].

The company is also preparing for a potential IPO in 2026, having reportedly raised $500 million at a $15 billion valuation. These developments indicate a firm intent on scaling rapidly while navigating competitive pressures and regulatory demands. As Kraken continues to expand into new markets and product categories, it is likely to influence the broader financial industry, particularly in how blockchain technology is integrated with traditional investment vehicles [6].

Source:

[1] Cointelegraph, https://cointelegraph.com/news/kraken-q2-earnings-exchange-expands-beyond-crypto

[2] The Block, https://www.theblock.co/post/364972/krakens-q2-revenue-rises

[3] AInvest, https://www.ainvest.com/news/kraken-q2-revenue-jumps-18-411-6m-strategic-expansion-2507/

[4] OneSafe, https://www.onesafe.io/blog/kraken-multi-asset-strategies-crypto

[5] CryptoniteUae, https://www.cryptonite.ae/global/kraken-q2-2025-earnings-growth-diversification

[6] Coinpaper, https://coinpaper.com/10269/kraken-reports-dip-in-adjusted-earnings-for-q2-2025