Kraken Q2 Financial Report Highlights: Approximately 4.4 Million Users Contributed $412 Million in Revenue, and the Kraken Debit Card and Other New Businesses Are Coming Soon

Financial Performance: Kraken reported $412 million in Q2 2025 revenue, an 18% YoY increase, with adjusted EBITDA at $80 million. Total trading volume rose 19% YoY to $186.8 billion, though sequential decline was noted due to market volatility. Funded accounts grew 37% YoY to 4.4 million, with platform assets reaching $43.2 billion (47% YoY increase).
Key Growth Drivers:
- Market Share Expansion: Increased spot trading volume share, particularly in stablecoins (43% to 68%).
- Strategic Investments: Focused on product innovation (e.g., derivatives, institutional services) and targeted marketing.
- Cost Efficiency: Maintained expense control to ensure sustainability across market cycles.
Product Updates:
- Professional: Launched MiFID-regulated European perpetual futures and CME-listed US futures.
- Institutional: Introduced Kraken Prime (prime brokerage) and expanded custody services (SOL, XRP, USDG).
- Consumer: Rolled out commission-free US stock trading, tokenized stocks/ETFs (xStocks), and the Krak app (multi-currency wallet).
Regulatory Milestones: Secured MiCA authorization in Ireland and a Canadian Restricted Dealer License, enhancing compliance in 30+ markets.
Transparency: Completed latest Proof of Reserves, independently verified, ensuring client assets are fully backed.
Upcoming Initiatives:
- Expanding international equities trading (UK, Europe, Australia).
- Launching Kraken Debit Card (Mastercard partnership) for crypto/fiat spending.
- Scaling tokenized equities and NinjaTrader integration for multi-asset trading.

Summary: Felix, PANews

Crypto exchange Kraken announced its financial results for the second quarter (Q2) of 2025, reporting revenue of $412 million, an 18% year-over-year increase. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $80 million.

Total trading volume in Q2 was $186.8 billion, a 19% year-over-year increase. Following a strong Q1, market volatility stemmed from US tariffs and broader macroeconomic uncertainty. Trading volume declined sequentially in Q2, a period typically characterized by low trading activity across the industry.

Kraken's number of funded accounts reached 4.4 million, a 37% year-over-year increase. As of the end of the second quarter of 2025, total platform assets reached $43.2 billion, a 47% year-over-year increase.

Kraken's financial performance remained solid in Q2, primarily reflected in three key trends:

Volume Market Share Expansion: Kraken continued to expand its market share in spot trading volume. This growth was driven by Kraken's continued investment in enhancing its product experience and its position in the stablecoin space, with its share of stablecoin spot trading volume increasing from 43% to 68%.
Growth Investing: As traditional finance and crypto markets converge, Kraken is strategically investing in innovation and expanding its product portfolio to accelerate growth. Kraken accelerated product delivery and platform improvements in Q2, while also implementing targeted marketing activities, resulting in strong and efficient returns.
Expense Control: To strengthen its business through all market cycles, Kraken remains focused on improving operating leverage to build a sustainable business.

Professional Product Update

European Perpetual Futures: Kraken launched Europe's largest suite of MiFID-regulated cryptocurrency futures. It launched 24/7 FX perpetual futures (EUR, GBP, AUD, JPY, and CHF currency pairs) on Kraken Pro, expanding access to derivatives within a trusted regulatory framework.

US Futures: Kraken launched a regulated US derivatives service for US users, providing direct access to Chicago Mercantile Exchange (CME)-listed cryptocurrency futures through the integrated Kraken Pro trading experience.

Institutional Product Update

Kraken Prime: Kraken launched a full-service prime brokerage business, offering institutional clients best execution trading, qualified custody, deep multi-venue liquidity, and 24/7 white glove support.

Kraken Custody: Kraken has added yield-generating USDG for institutional and high-net-worth individual clients, and expanded custody support for SOL and XRP.

Kraken Embed: Kraken has launched a white-label cryptocurrency-as-a-service solution that enables banks, brokers, and fintechs to add fully compliant cryptocurrency trading in weeks. bunq, Europe's second-largest neobank, and Alpaca are the first partners to integrate the product, with additional integrations in the pipeline.

Consumer Product Updates

Commission-free Stock Trading: Kraken has launched US stock trading in the app for most US states, allowing clients to manage stocks and cryptocurrencies simultaneously.

xStocks: Kraken has tokenized 55 blue-chip stocks and five ETFs on the blockchain, providing eligible clients outside the US with 24/7 stock exposure and seamless on-chain transfers.

Krak App: Kraken launched a universal wallet app, enabling customers to pay, transfer, and earn interest using over 300 cryptocurrencies and fiat currencies in over 160 countries and regions.

Brazil-Specific Services: Kraken added instant BRL funding, fully localized web and mobile apps, and 24/7 Brazilian Portuguese support, making Kraken's global platform even more accessible to Brazilian users.

Kraken+: Kraken launched a premium membership service offering zero-fee trading, priority support, and increased USDG rewards. The service has been a hit, with over 100,000 subscribers and over $1 billion in funds on the platform, representing both new and experienced investors.

Significant Regulatory Progress

Regulatory clarity is increasing across developed and emerging markets around the world.

Kraken became the first exchange to receive authorization from the Central Bank of Ireland under MiCA, enabling the company to accelerate its growth across 30 European markets. Kraken also received a Canadian Restricted Dealer License in Canada, further expanding its regulatory coverage.

Transparency through Proof of Reserves

Kraken also announced the completion of its latest Proof of Reserves, covering supported cryptocurrencies securely held by Kraken.

As of June 30, 2025

Kraken clients can confirm every quarter that their assets are fully backed on-chain. They can verify that their account balances are included in the "Proof of Reserves" report, which is independently verified by Kraken's third-party accounting firm.

Kraken pioneered the practice of regular "Proof of Reserves" and remains one of the few platforms to implement this process.

Key upcoming initiatives at Kraken include:

International Equities: Expanding commission-free stock and exchange-traded fund (ETF) trading to major markets outside the United States, starting with the UK, Europe, and Australia.

Tokenized Equities - Bringing tokenized equities to more jurisdictions and steadily increasing the number of listed assets.

Kraken Debit Card - Launching physical and virtual debit cards issued in partnership with Mastercard, enabling seamless spending of fiat and cryptocurrencies in-store and online through the Krak app.

NinjaTrader Development: Accelerating the platform's reach in the UK, Europe, and Australia, and enabling frictionless multi-asset trading between the Kraken and NinjaTrader ecosystems.