Kraken's Q2 earnings dip as exchange expands beyond crypto

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.