Kraken Q2 Revenue Rises 18% to $412M on Strong Trading Growth and Strategic Expansion

Kraken delivered strong financial performance in Q2 2025, reporting $412 million in revenue, a 18% increase compared to the same period in the previous year. Adjusted EBITDA reached $80 million, reflecting disciplined operations and strategic investment in growth areas. Total exchange volume stood at $186.8 billion for the quarter, up 19% year-over-year but down slightly quarter-over-quarter due to seasonal factors and market volatility linked to U.S. tariffs and macroeconomic uncertainty. The platform saw 4.4 million funded accounts, an increase of 37% year-over-year, while assets on the platform rose 47% year-over-year to $43.2 billion [1].

Kraken’s growth was driven by key trends, including its expanding market share in spot trading—particularly in stablecoins, where its share grew from 43% to 68%. Strategic investments in product innovation and targeted marketing yielded strong return on investment. The company remained focused on expense discipline to ensure long-term sustainability across different market cycles [1].

In Q2, Kraken expanded its product suite with the launch of commission-free equities trading, tokenized assets, and a global money app called Krak. For professional traders, the firm introduced 24/7 FX perpetual futures in Europe under MiFID regulation and a regulated U.S. derivatives offering with direct access to CME-listed crypto futures. Institutional clients benefited from Kraken Prime, a full-service prime brokerage offering, and Kraken Custody, which now supports reward-bearing USDG and additional assets like SOL and XRP [1].

Kraken Embed, the firm’s white-label crypto-as-a-service solution, attracted early adopters such as bunq, the second-largest neobank in Europe, and Alpaca. These partnerships are part of Kraken’s broader push to integrate crypto into traditional financial services. Consumer-focused updates included the tokenization of 55 blue-chip equities and five ETFs, enabling round-the-clock exposure to global assets, and localized offerings in Brazil to better serve local users [1].

Regulatory progress was another key highlight. Kraken became the first exchange to receive authorization under the Central Bank of Ireland’s MiCA framework, unlocking growth potential across 30 European markets. In Canada, the firm secured a Restricted Dealer license, and in the U.S., the stablecoin-focused GENIUS Act was signed into law, providing regulatory clarity for the industry. These developments reflect Kraken’s proactive approach to navigating evolving global regulatory landscapes [1].

Kraken also completed its Q2 2025 Proof of Reserves, allowing users to verify that their assets are fully backed onchain. The process was independently validated by a third-party accountancy firm, reinforcing transparency and trust within the platform [1].

Looking ahead, Kraken is poised for further expansion in H2 2025 with key initiatives including the international rollout of commission-free equities trading in the U.K., Europe, and Australia; increased tokenized equity listings; the launch of Kraken debit cards for fiat and crypto spending; and the expansion of NinjaTrader into new markets [1].

Source: [1]Kraken Q2 2025 financial highlights (https://blog.kraken.com/news/kraken-q2-2025-financials)