Cryptocurrency exchange Kraken has released its financial results for Q2 2025, showing significant revenue growth compared to last year despite several macroeconomic challenges.
Kraken's Financial Growth in Q2 2025
Kraken reported quarterly revenue of $411.6 million, an 18% increase compared to the same period last year. Total exchange trading volume reached $186.8 billion, marking a 19% increase from Q2 2024, although activity dipped from the previous quarter. Funded accounts surged 37% to 4.4 million, while total assets on the platform grew to $43.2 billion, a 47% year-over-year increase.
Global Metrics and New Offerings
Kraken attributes this momentum to the launch of new offerings, including commission-free equity trading, tokenized assets, and its new global money app. Its share of stablecoin-fiat spot volume grew from 43% to 68%, indicating an increased role in digital asset liquidity. The firm also launched a full-service prime brokerage and Crypto-as-a-Service solution, gaining traction with fintech clients and banks like bunq and Alpaca.
Decline in EBITDA Amid Market Turbulence
Despite strong growth, Kraken faced pressure on its bottom line. Adjusted EBITDA for Q2 fell to $79.7 million, down 7% year-over-year and a sharp 57% from Q1. The drop was largely due to seasonally lower trading activity and macroeconomic headwinds, including volatility caused by new U.S. tariffs that affected crypto markets in April. Trading volume declined 11% quarter-over-quarter, while revenue slid 13% sequentially.
Q2 2025 results confirm Kraken's significant year-over-year growth, but raise concerns about seasonal downtimes and the impact of external factors on the exchange's financial performance.
