Kraken reports Q2 revenue of $411.6M, pushes into tokenized equities

Crypto exchange Kraken has reported Q2 2025 revenue of $411.6 million, marking an 18% increase compared to the same period last year. However, adjusted earnings fell 7% to $79.7 million, down from $85.5 million in Q2 2024.

Trading volume reached $186.8 billion in the quarter, up 19% year-over-year. Other key metrics also showed strong growth: platform assets rose 47% to $43.2 billion, and funded accounts grew 37% to 4.4 million. Kraken’s stablecoin-to-fiat market share jumped from 43% to 68%.

The earnings release comes as Kraken seeks to raise $500 million at a $15 billion valuation in preparation for a 2026 IPO.

Kraken says it is in “build mode,” shifting focus beyond crypto trading amid broader macro uncertainty, including US tariff policies. The drop in adjusted earnings is partly attributed to these external factors.

The exchange rolled out several new products in Q2, including US equities trading on its app, 24/7 FX perpetual futures launched in mid-April, and xStocks — a suite of tokenized blue-chip equities and ETFs — in June.

This move reflects a broader trend of convergence between traditional finance (TradFi) and crypto. Coinbase is currently seeking SEC approval to list tokenized stocks, while Robinhood and eToro have already launched hundreds of tokenized US equities and ETFs for European users.