Kraken Revenue Rises to $411.6 Million in Q2, Up 18% from Last Year

Crypto exchange Kraken reported $411.6 million in revenue for the second quarter, marking an 18% year-on-year increase, according to the company’s latest financial disclosure published Wednesday.

Despite the revenue growth, Kraken’s adjusted EBITDA declined 7% to $79.7 million, as market turbulence and macroeconomic uncertainty weighed on trading activity.

The company pointed to weaker volumes in Q2 following a strong first quarter, noting that the period is typically slower for industry-wide trading.

Kraken Exchange Volume Rises 19% YoY, Drops 11% from Q1

Total exchange volume rose 19% year-on-year to $186.8 billion, though it fell 11% compared to Q1.

Meanwhile, platform assets surged 47% from a year ago, reaching $43.2 billion by the end of June.

Kraken also saw its share of stablecoin-to-fiat spot trading climb significantly, from 43% to 68% in the quarter.

“As the TradFi and crypto markets converge, we are strategically investing in innovation and expanding our product suite to accelerate growth,” the exchange said.

“In Q2, we supported faster product delivery and platform enhancements, alongside targeted marketing efforts that demonstrated strong, efficient ROI.”

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 expanding beyond crypto. In April, Kraken launched commission-free equities trading in the US.

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

The rollout will start with offerings including Apple, Tesla, and Nvidia, and will target investors in Europe, Latin America, Africa, and Asia in the coming weeks.

Kraken Targets a $500M Capital Raise at a $15B Valuation

Kraken is reportedly preparing to raise $500 million at a $15 billion valuation ahead of a potential IPO targeted for early 2026, according to sources cited by The Information.

Co-CEO Arjun Sethi allegedly said the funding round could help justify the valuation and lay the groundwork for a successful public listing.

The crypto exchange has seen strong financial performance, with Q1 2025 revenue climbing to $472 million. Adjusted EBITDA reached $187 million, a 1% increase from the same period last year despite a 7% dip in revenue compared to Q4 2024.

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

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

Bloomberg reported in March that the recent regulatory clarity in the US has driven Kraken’s long-term plans to go public.

“We’ll pursue public markets as it makes sense for our clients, our partners and shareholders,” the company said at the time.

Last week, crypto custody startup BitGo confidentially filed for a U.S. listing, joining a wave of crypto companies seeking to capitalize on strong market momentum.

The IPO plans followed after USDC issuer Circle debuted publicly in June with a strong market reception.