Kraken Revenue Soars Year-Over-Year – But EBITDA Takes a Hit
Main Idea
Kraken reported $412 million in Q2 2025 revenue, showing an 18% year-over-year increase but a 13% quarter-over-quarter decline, with Adjusted EBITDA dropping 7% to $79.7 million. The exchange also highlighted growth in funded accounts and assets, product improvements, and the closure of a DOJ investigation into co-founder Jesse Powell.
Key Points
1. Kraken's Q2 2025 revenue was $412 million, up 18% year-over-year but down 13% quarter-over-quarter.
2. Adjusted EBITDA fell 7% year-over-year to $79.7 million from $85.5 million.
3. Total exchange volume rose 19% year-over-year to $186.8 billion but slowed quarter-over-quarter.
4. Funded accounts grew 37% year-over-year to 4.4 million, and assets on the platform increased 47% to $43.2 billion.
5. Kraken launched new products, including a MiFID-regulated crypto futures suite and Kraken Prime for institutional clients.
6. The DOJ closed its investigation into co-founder Jesse Powell, related to a nonprofit governance dispute, with no charges filed.
Description
Kraken reported $412 million in revenue for Q2 2025. This represented an 18% increase year-over-year but a decline of 13% quarter-over-quarter, for the crypto exchange Adjusted EBITDA, however, plunged by 7% during the same period and reached $79.7 million from $85.5 million. Seasonal Weakness Total exchange volume rose 19% year-over-year to $186.8 billion, though activity slowed quarter-over-quarter amid market turbulence tied to US tariffs and broader macroeconomic uncertainties. Kraken noted ...
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