Kraken’s Q2 Growth Highlights Potential $15 Billion Valuation and Shift Toward TradFi Products

Key Points

1. Kraken achieved $411.6 million in revenue in Q2 2025, an 18% increase year-over-year, with trading volume rising 19% to $186.8 billion.

2. The exchange's assets grew 47% to $43.2 billion, and funded accounts increased 37% to 4.4 million, indicating strong platform growth.

3. Kraken is expanding beyond crypto trading by launching US equities trading, 24/7 FX perpetual futures, and tokenized blue-chip stocks and ETFs.

4. The company aims to raise $500 million at a $15 billion valuation and is preparing for a potential IPO in 2026.

5. Kraken's strategic shift toward TradFi products reflects the growing convergence between crypto and traditional financial markets.