Kraken’s Q2 Revenue Jumps 18% as Exchange Pivots Beyond Crypto Trading
Crypto platform Kraken reports $411.6 million in quarterly revenue while expanding into equities and tokenized assets ahead of 2026 IPO
Quick overview
- Kraken's Q2 2025 revenue increased by 18% to $411.6 million, but adjusted earnings fell by 7% to $79.7 million due to market turbulence.
- The exchange experienced a 19% year-over-year growth in trading volume, reaching $186.8 billion, and a 47% increase in assets to $43.2 billion.
- Kraken is transitioning to a multi-asset trading ecosystem, launching new products like commission-free U.S. stock trading and tokenized stocks.
- The company is preparing for a potential IPO in early 2026 while aiming for significant growth in the second half of 2025.
Crypto exchange Kraken’s financial results for the second quarter of 2025 were mixed. Its revenue rose 18% from the same time last year to $411.6 million, while its adjusted earnings fell 7% to $79.7 million, down from $85.5 million in the same period last year.
The exchange in San Francisco said that “market turbulence related to U.S. tariffs and broader macro uncertainties” caused the drop in earnings. This was because trading volumes slowed down from the first quarter to the second quarter, which the business said was good.
Even though earnings fell, Kraken showed strong growth in important areas. In the second quarter of 2025, the total volume of exchanges rose 19% year over year to $186.8 billion. The platform’s assets also grew by 47% to $43.2 billion. The number of financed accounts also climbed a lot, going up 37% to 4.4 million people.
Kraken’s Strategic Expansion Beyond Cryptocurrency
The company’s financial statistics show how ambitious Kraken’s shift from a crypto-only platform to what it terms a “multi-asset trading ecosystem” has been. The exchange is in what it calls “Build Mode,” which means it is focusing on long-term expansion and product diversification instead of making money right away.
This change in strategy was clear in the launch of numerous important products during the quarter. In April, Kraken added commission-free trading of U.S. stocks to its mobile app. This lets users handle both stocks and cryptocurrency in one place. The company also started offering 24/7 foreign currency perpetual futures and xStocks in June. This is a set of 55 tokenized blue-chip stocks and 5 ETFs that use blockchain technology.
In its earnings report, Kraken said, “We are creating a multi-asset platform that allows anyone to trade anything, anytime, anywhere.” This shows how important it is to them to make trading accessible to everyone, whether it’s traditional or digital assets.
Market Share Gains in Stablecoins
One good thing about Kraken’s performance in the second quarter was that it saw a big increase in stablecoin trading. The exchange’s market share of stablecoin-to-fiat spot volumes rose from 43% to 68%, showing that it is a strong competitor in this important part of the crypto industry.
The company also made big strides in following the rules. It became the first exchange to get permission from the Central Bank of Ireland under the Markets in Crypto-Assets (MiCA) regulation. This put it up for faster growth in 30 European markets.
Industry-Wide Tokenization Trend
Kraken’s entrance into tokenized stocks is part of a larger trend of traditional financial and cryptocurrency markets coming together. Competitors like Bybit, Coinbase, and Robinhood have also said they will do the same thing. For example, Robinhood launched over 200 tokenized U.S. stocks and ETFs on the Arbitrum blockchain for European users in June.
eToro, a traditional brokerage platform, said it would tokenize the 100 most popular U.S. equities and ETFs into ERC-20 tokens on Ethereum. Coinbase, on the other hand, is working hard to get SEC approval to sell tokenized stocks.
Kraken IPO Preparations and Funding
As Kraken tries to raise $500 million at a $15 billion valuation, the earnings release comes out. This is in preparation for a possible initial public offering in early 2026. The company’s confidence in its multi-asset strategy and long-term growth prospects is clear from its efforts to raise money.
What’s Next for Kraken?
Kraken has big ambitions for growth in the second half of 2025. These goals included offering commission-free stock and ETF trading in the U.K., Europe, and Australia. The company also wants to offer more tokenized stock options and start selling Mastercard-issued debit cards that can be used in person and online.
As the cryptocurrency industry grows up and regulations become clearer around the world, Kraken’s decision to become a full-service financial platform puts it in a good position to take advantage of the merging of traditional and digital assets. This is even though the company is facing short-term earnings pressures from higher investment spending.
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