Q2 revenue and total trading volume increased by 18% and 19% year-on-year, respectively, with the number of funding accounts reaching 4.4 million, a year-on-year growth of 37%.
Original: Kraken Q2 2025 financial highlights
Author: Kraken
Summary: Felix, PANews
Crypto exchange Kraken released its financial status for the second quarter of 2025 (Q2), achieving revenue of $412 million in Q2, a year-on-year increase of 18%. The adjusted EBITDA was $80 million.
The total trading volume in Q2 was $186.8 billion, a year-on-year increase of 19%. After a strong first quarter, the market experienced volatility due to US tariffs and broader macroeconomic uncertainty. The trading volume in the second quarter decreased quarter-on-quarter, as the second quarter is typically the off-season for trading activities in the entire industry.
Kraken's number of funding accounts reached 4.4 million, a year-on-year growth of 37%. As of the end of Q2 2025, the platform's total assets were $43.2 billion, a year-on-year increase of 47%.
Kraken's Q2 financial performance remained robust, mainly reflected in the following three key trends:
- Expanded Market Share of Trading Volume: Kraken continues to expand its market share in spot trading volume. This is attributed to Kraken's continuous investment in improving product experience and its position in the stablecoin sector, with the stablecoin spot trading volume share increasing from 43% to 68%.
- Growth Investment: As traditional finance and crypto markets converge, Kraken is strategically investing in innovation and expanding its product portfolio to accelerate growth. In Q2, Kraken accelerated product delivery and platform improvements while conducting targeted marketing campaigns, achieving strong and efficient returns.
- Cost Control: To consolidate its business across all market cycles, Kraken remains focused on improving operational leverage to build a sustainable business.
Professional Product Updates
European Perpetual Futures: Kraken launched the largest MiFID-regulated cryptocurrency futures suite in Europe. It introduced 24/7 FX perpetual futures (for EUR, GBP, AUD, JPY, and CHF currency pairs) on Kraken Pro, expanding derivatives access under a trusted regulatory framework.
US Futures: Kraken launched a regulated US derivatives service for US users, allowing direct access to cryptocurrency futures listed on the Chicago Mercantile Exchange (CME) through an integrated Kraken Pro trading experience.
Institutional Product Updates
Kraken Prime: Kraken opened a full-service institutional brokerage business, providing institutional clients with best execution trading, qualified custody, deep multi-venue liquidity, and 24/7 white-glove support.
Kraken Custody: Kraken added yield-bearing USDG for institutional and high-net-worth individual clients and added custody support for SOL and XRP.
Kraken Embed: Kraken launched a white-label cryptocurrency-as-a-service solution, allowing banks, brokers, and fintech companies to add fully compliant cryptocurrency trading within weeks. bunq, the second-largest new-type bank in Europe, and Alpaca are the first partners to integrate the product, with other integrations in preparation.
Consumer Product Updates
Commission-Free Stock Trading: Kraken launched US stock trading functionality in its app for most US states, allowing customers to manage stocks and cryptocurrencies simultaneously.
xStocks: Kraken tokenized 55 blue-chip stocks and 5 ETFs on the blockchain, providing 24/7 stock exposure for eligible customers outside the US and enabling seamless on-chain transfers.
Krak App: Kraken launched a globally universal wallet app, allowing customers to make payments, transfers, and earn yields using over 300 cryptocurrencies and fiat currencies in more than 160 countries and regions.
Brazil-Specific Services: Kraken added instant BRL funding, fully localized web and mobile applications, and 24/7 Brazilian Portuguese support, making the global platform more accessible to Brazilian users.
Kraken+: Kraken launched an advanced membership service offering zero-fee trading limits, priority support, and higher USDG rewards. The service has been warmly received, with over 100,000 subscribers and platform funds exceeding $1 billion, attracting both new and experienced investors.
Major Progress in Regulation
Regulatory transparency is continuously improving in developed and emerging markets globally.
Kraken became the first exchange authorized by the Irish Central Bank under MiCA, enabling the company to accelerate development in 30 European markets. Kraken also obtained a restricted dealer license in Canada, further expanding its regulatory coverage.
Transparency through Reserve Proof
Kraken also announced that it has completed its latest reserve proof, covering cryptocurrencies securely custodied by Kraken.
Kraken customers can confirm every quarter that their assets are fully on-chain supported. They can verify whether their account balances are included in the "Reserve Proof" report independently verified by Kraken's third-party accounting firm.
Kraken pioneered the practice of periodic "Reserve Proof" and remains one of the few platforms executing this process.
Key Upcoming Initiatives by Kraken include:
International Stocks: Extending commission-free stock and exchange-traded fund (ETF) trading to markets outside the US, starting with the UK, Europe, and Australia.
Tokenized Stocks - Introducing tokenized stocks to more jurisdictions and steadily increasing the number of listed assets.
Kraken Debit Card - Launching physical and virtual debit cards in partnership with Mastercard, enabling seamless spending of fiat and cryptocurrencies in physical stores and online through the Krak app.
NinjaTrader Development: Accelerating platform coverage in the UK, Europe, and Australia, and enabling frictionless multi-asset trading between Kraken and NinjaTrader ecosystems.
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