The cryptocurrency exchange Kraken has released its financial results for Q2 2025, reporting a profit decline despite revenue growth.
Financial Results and Analysis
Kraken reported revenue of $411.6 million for Q2 2025, representing an 18% increase compared to Q2 2024. However, adjusted earnings fell by 7% year-over-year to $79.7 million, down from $85.5 million the previous year. The company attributed the profit decline to U.S. tariffs and broader macroeconomic uncertainties.
Expansion of Asset Offerings
Kraken continues its transition from a crypto-only platform to a full-fledged multi-asset trading ecosystem. The company is on track to develop a platform incorporating crypto, stocks, and tokenized assets. In Q2, it launched new products including trading U.S. equities and tokenized stocks, and improved product deployment speed and platform performance.
Competition in the Tokenized Equities Market
Competition in the tokenized equities market is intensifying. Kraken and Bybit have launched over 60 tokenized equities on the xStocks platform, embedded within the Solana DeFi environment. Coinbase, Robinhood, and others are also taking steps in this direction. However, critics assert that tokenized equities do not provide the same rights and protections as actual shares.
Kraken continues to adapt to changing market conditions and expand its asset offerings despite current challenges and profit declines in the quarter.
