Crypto exchange Kraken reported an 18% year-over-year increase in revenue for Q2 2025, reaching $411.6 million—even as macroeconomic uncertainty and market volatility put pressure on profitability. The company’s adjusted EBITDA slipped 7% during the quarter to $79.7 million, reflecting what it called “market turbulence.”
Despite the dip in earnings, Kraken saw several key growth metrics improve. Total trading volume for the quarter rose 19% year-over-year to $186.8 billion, although it was down 11% from Q1. Platform assets climbed 47% annually, closing the quarter at $43.2 billion.
“After a strong Q1, there was market turbulence related to U.S. tariffs and broader macro uncertainties,” Kraken stated in its shareholder update.
The company noted that Q2 is traditionally slower for trading activity across the crypto sector.
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One bright spot for Kraken was the performance of its fiat-stablecoin spot trading. The exchange grew its market share in this category from 43% to 68% during the quarter, indicating stronger demand for lower-risk crypto trades amid uncertainty.
Kraken has continued diversifying its offerings in 2025. In April, it launched commission-free stock trading for U.S. users. By May, it had expanded its crypto derivatives services in Europe. The company plans to roll out commission-free equities and ETF trading in the U.K., Europe, and Australia later this year. It’s also working to broaden access to tokenized equities across more jurisdictions.
In a strategic move ahead of its expected IPO in early 2026, Kraken is reportedly looking to raise $500 million at a $15 billion valuation, according to The Information. These funds could help fuel further expansion and product development as the exchange positions itself for the next phase of growth.
