Kraken announces second-quarter revenue of $411.6 million, significantly promoting the tokenization of stock assets

Cryptocurrency exchange Kraken reported a second-quarter revenue of $411.6 million for 2025, an 18% year-on-year increase. However, adjusted profits fell 7% year-on-year, dropping from $855 million in Q2 2024 to $797 million.

This quarter's trading volume reached $186.8 billion, a 19% year-on-year increase. Other key metrics also showed strong performance: platform assets grew by 47% to $43.2 billion; the number of funding accounts increased by 37% to 4.4 million. Kraken's stablecoin to fiat market share also jumped from 43% to 68%.

The release of this financial report comes as Kraken seeks to raise $500 million at a $15 billion valuation in preparation for an IPO in 2026.

Kraken stated that it is currently in a "building phase," shifting its focus from pure crypto trading to a broader business layout due to macroeconomic uncertainties (including U.S. tariff policies). The decline in adjusted profits is partly attributed to these external factors.

In the second quarter, Kraken launched several new products, including U.S. stock trading for users in most states, 24/7 forex perpetual contracts launched in mid-April, and xStocks, a set of tokenized blue-chip stocks and ETFs launched in June.

This initiative reflects the growing trend of integration between traditional finance (TradFi) and the crypto industry. Coinbase is currently seeking SEC approval to launch tokenized stocks, while Robinhood and eToro have also rolled out hundreds of tokenized U.S. stocks and ETFs for European users.