Catenaa, Friday, August 01, 2025- Cryptocurrency exchange Kraken reported an 18% increase in second-quarter revenue, reaching $411.6 million, even as adjusted EBITDA declined 7% due to ongoing “market turbulence” and macroeconomic uncertainty.
The company disclosed Wednesday that while total exchange volume rose 19% year-over-year to $186.8 billion, it fell 11% from the previous quarter. Assets on the platform surged 47% year-on-year to $43.2 billion by the end of Q2.
“After a strong Q1, there was market turbulence related to US tariffs and broader macro uncertainties,” Kraken said in a statement, noting Q2 is traditionally weaker in trading activity. Stable-fiat spot volumes on the platform grew from 43% to 68% in the quarter.
Kraken is diversifying beyond crypto, having launched commission-free equities trading in the US in April and expanded its crypto derivatives business across Europe in May. The exchange plans to roll out stock and ETF trading later this year in the U.K., Europe, and Australia. Additionally, it aims to broaden access to tokenized equities in more jurisdictions.
The Block reported Tuesday that Kraken is preparing for a public offering in early 2026 and is seeking to raise $500 million at a $15 billion valuation.
Despite a softening in EBITDA, Kraken’s continued user growth, product expansion, and global trading push reflect a bullish stance amid an otherwise cautious crypto environment.
