Cryptocurrency exchange Kraken announced significant financial and operational growth in its Q2 earnings report, coupled with ambitious expansion plans into traditional finance (TradFi) offerings. The results position the platform for a potential public listing target in the coming year.
Financial performance showed robust increases: revenue reached $411.6 million, marking an 18% year-over-year jump, while trading volume surged 19% to $186.8 billion. Platform assets under custody saw substantial growth, climbing 47% to $43.2 billion, and the number of funded accounts increased by 37% to reach 4.4 million.
Demonstrating a strategic pivot towards TradFi integration, Kraken is launching several new product lines. These include US equities trading, 24/7 FX perpetual futures contracts, and tokenized representations of blue-chip stocks and ETFs. The move aims to bridge the gap between traditional and digital asset markets.
Capitalizing on this momentum, Kraken aims to raise $500 million through a fundraising round valuing the company at $15 billion. This step prepares the ground for a potential initial public offering (IPO) tentatively projected for 2026, signalling Kraken’s maturation within the financial services industry.
The expansion beyond core crypto spot and derivatives trading highlights the increasingly blurred lines between cryptocurrency platforms and established financial markets.