Kraken Reports $411.6 Million in Revenue for Q2, Marking an 18% Increase Compared to the Previous Year

Crypto exchange Kraken announced a revenue of $411.6 million for the second quarter, reflecting an 18% increase compared to the previous year, as per the company’s latest financial report released on Wednesday.

Key Takeaways:

• Kraken recorded $411.6 million in Q2 revenue, marking an 18% rise year-on-year.
• Exchange volume increased by 19% from the previous year but saw an 11% decline from the prior quarter.
• The company is diversifying its offerings with commission-free equities and tokenized stock products.

Despite the growth in revenue, Kraken’s adjusted EBITDA fell by 7% to $79.7 million, as market volatility and macroeconomic uncertainties impacted trading activities.

The firm indicated a decrease in volumes during Q2 following a robust first quarter, highlighting that this period is generally slower for trading across the industry.

Kraken Exchange Volume Increases 19% YoY, Decreases 11% from Q1

Total exchange volume rose 19% year-on-year to $186.8 billion, although it decreased by 11% compared to Q1.

In addition, platform assets surged by 47% from a year earlier, reaching $43.2 billion by the end of June.

Kraken also experienced a significant increase in its share of stablecoin-to-fiat spot trading, rising from 43% to 68% during the quarter.

“As the traditional finance and crypto markets converge, we are strategically investing in innovation and broadening our product offerings to foster growth,” the exchange stated.

“In Q2, we facilitated quicker product delivery and platform improvements, along with targeted marketing initiatives that yielded strong, efficient returns on investment.”

Kraken reported $412M in Q2 revenue, up 18% YoY, as the exchange expanded into equities trading in the U.S.
Exchange volume reached $186.8B, while platform assets surged 47% YoY. pic.twitter.com/BHG7UyAp5C

— Moby Media (@mobymedia) July 31, 2025

The firm has been actively broadening its scope beyond crypto. In April, Kraken introduced commission-free equities trading in the U.S.

In May, the exchange revealed plans to launch tokenized versions of over 50 U.S. stocks and exchange-traded funds (ETFs) for users outside the U.S.

The rollout will commence with offerings including Apple, Tesla, and Nvidia, targeting investors in Europe, Latin America, Africa, and Asia in the upcoming weeks.

Kraken Aims for a $500M Capital Raise at a $15B Valuation

Kraken is reportedly preparing to secure $500 million at a $15 billion valuation in anticipation of a potential IPO aimed for early 2026, according to sources cited by The Information.

Co-CEO Arjun Sethi reportedly stated that the funding round could help validate the valuation and establish a foundation for a successful public offering.

The crypto exchange has demonstrated strong financial results, with Q1 2025 revenue rising to $472 million. Adjusted EBITDA reached $187 million, a 1% increase from the same timeframe last year despite a 7% decline in revenue compared to Q4 2024.

The company noted a 29% year-over-year rise in trading volume and a 26% increase in funded accounts.

While trading activity slowed following a strong Q4, the exchange indicated that user retention remained stable, bolstered by new tools and onboarding processes introduced in recent months.

Bloomberg reported in March that recent regulatory clarity in the U.S. has propelled Kraken’s long-term intentions to go public.

“We’ll pursue public markets as it aligns with the interests of our clients, partners, and shareholders,” the company stated at that time.

Last week, crypto custody startup BitGo confidentially filed for a U.S. listing, joining a trend of crypto companies aiming to leverage strong market momentum.

The IPO plans followed after USDC issuer Circle went public in June with a favorable market response.

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