Kraken Q2 Revenue Jumps 18% to $411.6M Amid Strategic Expansion

Kraken reported $411.6 million in revenue for Q2 2025, representing an 18% year-on-year increase, driven by a 19% rise in exchange volume to $186.8 billion [1]. Despite the revenue growth, the exchange’s adjusted EBITDA fell by 7% to $79.7 million, reflecting the impact of macroeconomic uncertainty and market volatility [2]. The company noted that the second quarter is traditionally a slower period for crypto trading compared to the first, which saw Q1 2025 revenue reach $472 million [3].

Platform assets under management surged 47% from a year ago to $43.2 billion, while the number of funded accounts increased by 37% to 4.4 million [1]. Kraken also highlighted a shift in its stablecoin-to-fiat trading share, which rose from 43% to 68% during the quarter [2]. The firm is increasingly focusing on expanding beyond crypto, launching commission-free equities trading in the U.S. in April and planning tokenized versions of major U.S. stocks and ETFs for international users [3].

Kraken described its current phase as “Build mode,” prioritizing long-term growth over immediate profitability [3]. New product additions, including 24/7 FX perpetual futures and tokenized blue-chip equities and ETFs, illustrate this strategy. Analysts have noted that Kraken is aligning with a broader industry trend of blending traditional finance (TradFi) with crypto, with other major players also exploring tokenized assets [3].

The exchange is reportedly preparing to raise $500 million at a $15 billion valuation in anticipation of a potential IPO in early 2026 [3]. This move follows regulatory clarity in the U.S., which has encouraged the company to explore public markets [3]. Kraken’s strategic direction underscores its ambitions to become a comprehensive financial services provider, leveraging both crypto and traditional markets to drive growth [3].

Source: [1] Kraken Revenue Rises to $411.6 Million in Q2, Up 18% from Last Year (https://cryptonews.com/news/kraken-revenue-rises-to-411-6-million-in-q2-up-18-from-last-year/)

[2] Kraken's Q2 Earnings Dip as Exchange Expands Beyond ... (https://cointelegraph.com/news/kraken-q2-earnings-exchange-expands-beyond-crypto)

[3] Kraken Q2 2025 Adjusted Earnings Drop 7% Despite 18% ... (https://www.ainvest.com/news/kraken-q2-2025-adjusted-earnings-drop-7-18-revenue-growth-2507)