Kraken’s Q2 earnings dip as exchange expands beyond crypto
As Kraken eyes a $15 billion valuation and potential IPO, its Q2 report reveals growth and a shift toward TradFi products.
Kraken reported $411.6 million in revenue for the second quarter of 2025, an 18% increase compared to the same period last year, according to its earnings release. However, the exchange’s adjusted earnings declined 7% year-over-year to $79.7 million, down from $85.5 million in Q2 2024.
According to figures released on Wednesday, trading volume on the crypto exchange jumped by 19% over the past year, to $186.8 billion during Q2 2025.
In other areas, Kraken also posted positive results, with assets jumping 47% to $43.2 billion, while funded accounts rose 37% to $4.4 million. The exchange’s stablecoin-to-fiat market share also grew, up from 43% to 68%.