Kraken Grows Fast, But Profits Dip Ahead of 2026 IPO Plans

Key Points

1. Kraken's Q2 revenue increased by 18% to $411.6 million, while adjusted earnings fell by 7% to $79.7 million compared to Q2 2024.

2. The company attributed the earnings dip to US economic uncertainty, including new tariffs, and emphasized a focus on long-term growth over short-term returns.

3. Kraken expanded its product offerings with new launches such as forex perpetual futures and xStocks (exchange-traded funds).

4. Trading volume on Kraken rose by 19% to $186.8 billion, client assets grew by 47% to $43.2 billion, and funded accounts increased by 37% to 4.4 million.

5. Kraken is working toward raising $500 million at a $15 billion valuation in preparation for a potential 2026 IPO.