Kraken Q2 revenue up 18% to $411.6M despite market dip

Kraken posted strong year-on-year growth in Q2 2025, even as revenue and trading volumes dipped compared to the previous quarter.

The US-based crypto exchange reported $411.6 million in quarterly revenue, marking an 18% rise over Q2 2024.

This increase came despite a 13% quarter-on-quarter decline, attributed to typical seasonal slowdowns and wider macroeconomic pressures.

The exchange’s trading volume reached $186.8 billion, up 19% from the same period last year.

Kraken also saw significant user growth and a sharp rise in platform assets, driven by expanding institutional offerings, an uptick in stablecoin-fiat trading, and the launch of a new global money app.

User growth and platform assets surge in Q2

Kraken added substantial scale in Q2 2025, with funded accounts rising 37% year-on-year to 4.4 million.

Total assets on the platform increased to $43.2 billion, up 47% from the previous year.

This growth was supported by Kraken’s continued product expansion, including its commission-free equities trading and tokenised asset offerings.

Stablecoin-fiat spot trading volume on Kraken also increased its share from 43% to 68%, strengthening the exchange’s role in digital asset liquidity.

Meanwhile, its new global money app added to cross-border activity and client engagement.

Kraken also introduced a full-service prime brokerage and Crypto-as-a-Service platform during the quarter.

These tools attracted growing interest from institutions and neobanks, with firms like bunq and Alpaca among those adopting Kraken’s institutional solutions.

Kraken+ hits 100K subscribers

On the retail side, Kraken launched “Kraken+”, a new premium membership tier.

Within Q2 alone, the offering attracted 100,000 subscribers, who collectively manage more than $1 billion in assets on the platform.

This suggests strong uptake for the exchange’s tiered access model amid rising interest in bundled services.

In Europe, Kraken debuted what it calls the region’s largest MiFID-regulated crypto futures suite.

The company also expanded institutional custody services and secured new regulatory approvals in Ireland and Canada.

These moves are part of a broader strategic shift, as Kraken prepares to diversify beyond crypto.

The firm is planning to roll out international equities trading and Kraken-branded debit cards later in 2025, positioning itself as a cross-asset financial platform.

EBITDA falls 57% QoQ amid macro headwinds

Despite solid growth metrics, Kraken’s profitability came under pressure in Q2.

Adjusted EBITDA dropped 7% year-on-year to $79.7 million, and fell sharply by 57% compared to Q1’s $187.4 million.

The earnings pullback reflected a drop in trading activity due to macroeconomic headwinds, including volatility triggered by new US tariffs in April.

Quarter-on-quarter, trading volumes declined by 11%, and revenue slid by 13%, in line with broader industry trends for Q2.

Kraken noted that this period is seasonally softer across crypto markets.

The company continues to invest in its expansion roadmap, with increased regulatory engagement and new market entries expected to offset near-term earnings volatility.