Kraken reported a robust Q2 2025, with revenue up 18% YoY to $411.6M despite being 13% lower than Q1 due to seasonal slowdown and macroeconomic headwinds.
Summary
- Kraken saw strong YoY growth in revenue, trading volume, funded accounts, and platform assets, driven by new product launches like commission-free equities and tokenized assets.
- Despite strong YoY growth, revenue and trading volume declined QoQ leading to a sharp drop in adjusted EBITDA due to seasonal slowdown in trading activity and new U.S. tariffs.
Crypto exchange Kraken has released its Q2 2025 results, with the standout highlight being its quarterly revenue of $411.6 million — an 18% increase year-over-year.
Total exchange trading volume came in at $186.8 billion, marking a 19% increase from Q2 2024, even as activity dipped from the unusually strong Q. Funded accounts surged 37% YoY to 4.4 million, while total assets on the platform climbed to $43.2 billion, up 47% YoY.
Kraken attributed this momentum to a steady rollout of new offerings, including commission-free equities trading, tokenized assets, and its new global money app.
Additionally, Kraken’s share of stablecoin-fiat spot volume grew from 43% to 68%, reflecting its increased role in digital asset liquidity. The firm also launched a full-service prime brokerage and Crypto-as-a-Service solution, gaining traction with institutions and neobanks like bunq and Alpaca.
In Europe, Kraken debuted what it says is the region’s largest MiFID-regulated crypto futures suite and expanded custody services for institutional clients. On the retail side, Kraken’s new “Kraken+” premium tier already boasts 100K subscribers managing over $1 billion in platform assets.
Q2 headwinds: EBITDA fell sharply amid market turbulence
Despite strong top-line and platform growth, Kraken faced pressure on its bottom line. Adjusted EBITDA for Q2 fell to $79.7 million — down 7% YoY and a steep 57% from Q1’s $187.4 million. The drop was largely due to seasonally lower trading activity and macroeconomic headwinds, including volatility triggered by new U.S. tariffs that roiled crypto markets in April.
Trading volume declined 11% quarter-over-quarter from Q1, while revenue slid 13% sequentially. The company acknowledged Q2 tends to be a softer quarter across the industry.
The pullback in earnings from the previous quarter comes as Kraken accelerates its strategic roadmap, expanding into equities, tokenized securities, and cross-border money services. The firm is also ramping up licensing efforts globally, including newly secured regulatory approvals in Ireland and Canada, and is preparing for the launch of Kraken debit cards and international equities trading later in 2025.
