Cryptocurrency exchange Kraken released its financial performance for Q2 2025, showcasing revenue growth but a decline in EBITDA.
Overall Revenue Overview
Kraken reported $412 million in revenue for Q2 2025, marking an 18% increase compared to the same period last year. However, revenues were down 13% compared to the previous quarter. Adjusted EBITDA declined to $79.7 million, down 7% from $85.5 million in the prior quarter.
Seasonal Market Weakness
Total exchange volume rose by 19% year-over-year to $186.8 billion, although activity slowed quarter-over-quarter amid market turbulence tied to US tariffs and broader macroeconomic uncertainties. Kraken noted that Q2 is typically a seasonally weaker period for trading across the industry.
Legal Issues and IPO Plans
Meanwhile, the company also saw the conclusion of a legal investigation concerning its former CEO Jesse Powell, which was conducted by the US Department of Justice. The probe focused on governance disputes with Verge Center for the Arts, a nonprofit founded by Powell. Prosecutors informed Powell's team in April that no charges would be filed. At the same time, Kraken aims for a potential IPO in 2026, and Powell remains on the company's board after stepping down as CEO.
Kraken continues to demonstrate revenue growth despite ongoing market and legal challenges, aiming to expand its offerings and strengthen its market position.
