Kraken Q2 Revenue Rises 18% to $412 Million Amid Adjusted EBITDA Drop and Market Uncertainty

Kraken’s second-quarter financial performance in 2025 reflects a complex mix of resilience and market challenges. The crypto exchange reported a 18% year-on-year increase in revenue, reaching $412 million, although its adjusted EBITDA declined by 7% to $79.7 million [1]. This growth in revenue was driven by a 19% year-over-year rise in total exchange volume to $186.8 billion and a 47% increase in assets on the platform to $43.2 billion [1]. However, the company noted that Q2 trading volumes decreased by 11% compared to the previous quarter, attributing this to seasonal trends and broader macroeconomic uncertainty, including concerns over U.S. tariffs [1].

Kraken’s strategic expansion has also been a key factor in its performance. The firm introduced commission-free equities trading in the U.S. in April and expanded its crypto derivatives services in Europe in May. Looking ahead, Kraken plans to roll out commission-free stock and ETF trading to key markets such as the U.K., Europe, and Australia, and to widen access to tokenized equities across multiple jurisdictions [1]. These moves suggest a focus on enhancing user experience and broadening its product suite to capture a larger share of the market.

The company’s share of stable-fiat spot volumes increased significantly during the quarter, from 43% to 68% [1]. This growth may reflect a shift in trading behavior among retail and institutional investors toward more stable assets amid market uncertainty. Despite the revenue increase, the decline in adjusted EBITDA highlights the difficulty of maintaining profitability in a volatile environment. The broader crypto sector is experiencing pressure from regulatory changes and macroeconomic fluctuations, which are impacting the ability of exchanges to convert growing volumes into consistent profits [1].

Kraken’s Q2 results align with a trend among crypto firms to prioritize market share expansion over short-term profitability during periods of uncertainty. The company’s performance indicates that it is navigating these challenges by diversifying its offerings and enhancing its operational scale. As the market continues to evolve, Kraken’s ability to balance growth with profitability will be critical in determining its long-term success [1].

Kraken is also reportedly in the process of raising $500 million at a $15 billion valuation ahead of its anticipated public offering, scheduled for early 2026 [1]. This capital raise suggests that the firm is preparing for a significant milestone and may be seeking to strengthen its balance sheet as it moves toward a more mature stage of development.

Source:

[1] The Block - Kraken’s Q2 revenue rises 18% to $412 million despite adjusted EBITDA drop amid 'market turbulence' (https://www.theblock.co/post/364972/krakens-q2-revenue-rises?utm_medium=rss&utm_source=rss)