Kraken's Q2 earnings dip as exchange expands beyond crypto
Main Idea
Kraken's Q2 2025 financial report shows a 7% decline in adjusted earnings despite revenue growth and increased trading volume, as the exchange expands into traditional finance (TradFi) products and prepares for a potential IPO.
Key Points
1. Kraken reported $411.6 million in revenue for Q2 2025, but adjusted earnings fell 7% year-over-year to $79.7 million.
2. Trading volume increased by 19% to $186.8 billion, while assets under management grew 47% to $43.2 billion.
3. Funded accounts rose 37% to $4.4 million, and stablecoin-to-fiat market share increased from 43% to 68%.
4. Kraken is expanding into TradFi with products like 24/7 FX perpetual futures and tokenized equities (xStocks), aligning with broader industry trends.
5. The exchange is preparing for a potential IPO in 2026, targeting a $15 billion valuation.
Description
As Kraken eyes a $15 billion valuation and potential IPO, its Q2 report reveals growth and a shift toward TradFi products.
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