Kraken's Q2 earnings dip as exchange expands beyond crypto

As Kraken eyes a $15 billion valuation and potential IPO, its Q2 report reveals growth and a shift toward TradFi products.

Kraken reported $411.6 million in revenue for the second quarter of 2025, an 18% increase compared to the same period last year, according to its earnings release. However, the exchanges adjusted earnings declined 7% year-over-year to $79.7 million, down from $85.5 million in Q2 2024.

According to figures released on Wednesday, trading volume on the crypto exchange jumped by 19% over the past year, to $186.8 billion during Q2 2025.

In other areas, Kraken also posted positive results, with assets jumping 47% to $43.2 billion, while funded accounts rose 37% to $4.4 million. The exchanges stablecoin-to-fiat market share also grew, up from 43% to 68%.

Krakens earnings report comes as the company looks to raise $500 million at a $15 billion valuation while preparing for a potential public offering in 2026.

Kraken's Q2 financials highlights. Source: Kraken

Kraken is in “Build Mode”

Kraken attributed some of the drop in adjusted earnings to broader macro uncertainties related to US tariffs. The exchange also claims to be in “Build mode,” focused more on broadening its business beyond crypto trading than on immediate profits.

Several recent product launches back up this claim.

During the past quarter, the exchange recently launched US equities trading on its app, allowing users in most US states to manage stocks and crypto in one place.

The company also introduced 24/7 FX perpetual futures in mid-April, and debuted xStocks in June, a suite of tokenized blue-chip equities and ETFs.

Tradfi, crypto converge in tokenized equities push

Krakens Q2 push into tokenized equities reflects a broader convergence of TradFi and crypto.

Bybit has also announced partnerships for tokenized equities, and Coinbase is currently seeking SEC approval to list tokenized stocks. Speaking with Reuters, chief legal officer Paul S. Grewal, called it a “huge priority.”

Traditional brokers are making moves, too. Robinhood launched over 200 tokenized US stocks and ETFs on Arbitrum for European users in June. On Tuesday, the regulated brokerage platform eToro announced plans to tokenize the 100 most popular US stocks and ETFs as ERC-20 tokens on Ethereum.