Kraken Q2 Revenue Up 18% to $411.6M Amid Market Volatility and U.S. Tariffs

Kraken, a leading cryptocurrency exchange, reported second-quarter 2025 revenue of $411.6 million, reflecting an 18% year-over-year increase despite a 13% quarter-on-quarter decline driven by market volatility and newly imposed U.S. tariffs [1]. The exchange’s adjusted EBITDA dropped 57% to $79.7 million in Q2 from $187.4 million in Q1 [2]. While overall trading volume rose 19% year-over-year to $186.8 billion, it declined 11% compared to the prior quarter [3]. The earnings contraction highlights the sensitivity of crypto exchanges to global trade policy shifts and macroeconomic pressures [4].

Kraken’s growth was supported by an expanded user base, with funded accounts reaching 4.4 million, a 37% year-over-year increase [5]. The platform also saw a 47% rise in total assets under management, now totaling $43.2 billion [6]. Strategic initiatives, such as commission-free equities trading, tokenised assets, and the launch of Kraken+, a premium membership tier, attracted 100,000 subscribers in Q2, who collectively manage over $1 billion in assets [7].

On the institutional front, Kraken expanded its services with a MiFID-regulated crypto futures offering in Europe and secured new regulatory approvals in Ireland and Canada for custody services [8]. The exchange also launched a full-service prime brokerage and a Crypto-as-a-Service platform to cater to institutional and fintech clients like bunq and Alpaca [9]. Future plans include international equities trading and the introduction of branded debit cards later in 2025 [10].

Despite the short-term earnings challenges, Kraken remains confident in its long-term strategy, emphasizing ongoing market expansion and regulatory engagement as key factors in mitigating external headwinds [10]. The results underscore the growing complexity for crypto platforms navigating geopolitical and regulatory shifts in a rapidly evolving financial landscape.

Source:

[1] Kraken Q2 Revenue Hits $411.6M Up 18% Amid Profit (https://www.ainvest.com/news/kraken-q2-revenue-hits-411-6m-18-profit-decline-market-uncertainties-2507/)

[2] Kraken posts 18% YoY revenue growth in Q2 despite 13% (https://crypto.news/kraken-posts-18-yoy-revenue-growth-in-q2-despite-13-qoq-decline-due-to-u-s-tariffs/)

[3] Kraken Q2 revenue up 18% to $411.6M despite market dip (https://www.bitcoininsider.org/article/281104/kraken-q2-revenue-18-4116m-despite-market-dip)