Cryptocurrency exchange Kraken released its financial results for Q2 2025, showing revenue growth but a profit decline due to reduced market activity.
Revenue and EBITDA Performance
Kraken reported $411.6 million in revenue for the second quarter, representing an 18% increase compared to the same period last year. However, adjusted EBITDA declined by 7%, landing at $79.7 million. Kraken attributed the drop to a slowdown in trading momentum due to uncertainty surrounding U.S. tariff policy and overall macroeconomic fragility.
Trading Volumes and User Assets
The total trading volume on the exchange increased by 19% year-on-year to reach \$186.8 billion, although it decreased by 11% compared to the first quarter of this year. Nonetheless, user-held assets on Kraken climbed to $43.2 billion—a 47% increase over the past 12 months—signaling broader user engagement despite reduced quarter-over-quarter trading activity.
Service Development and Future Plans
Kraken has been actively diversifying its services. In April, it launched commission-free stock trading in the U.S. and followed up in May with expanded crypto derivatives offerings across European markets. Looking ahead, Kraken plans to bring zero-commission stock and ETF trading to the U.K., Europe, and Australia by year-end while also targeting broader distribution of tokenized equities. According to reports, the company is preparing for a major funding round, aiming to raise $500 million at a $15 billion valuation ahead of a potential IPO scheduled for early 2026.
Kraken demonstrates revenue and asset growth, but faces challenges amid market instability and declining profits. Plans for service diversification may assist in the company’s ongoing development.
