Crypto exchange Kraken reported $411.6 million in revenue for the second quarter, marking an 18% rise from the same period last year, according to its latest financial disclosure published Wednesday.
The company attributed the gain to steady execution and strategic market expansion around the globe.
Trading Volume Trends
Trading activity totalled $186.8 billion in Q2, up 19% year-on-year. After a robust first quarter, volumes cooled somewhat amid U.S. tariff news and broader economic headwinds.
Still, the figures align with industry patterns, since the summer months often see lower trading.
Kraken’s funded accounts climbed to 4.4 million by the end of June, a 37% jump from Q2 2024. Assets held on the platform reached $43.2 billion, rising 47% over the past year.
The exchange said customer growth reflected both retail interest and institutional demand for its products.
Expanding Market Share
The blog post highlighted gains in spot volume share, thanks to ongoing improvements in user experience.
Kraken said its share of stable-fiat spot trading swelled from 43% to 68%. This shift underscores the firm’s strength in stablecoin markets and its ability to capture liquidity.
Also Read: Kraken Announces Integration of INK Token and Layer 2 Tech, $INK Token Gains 10%
Investment in Innovation
Kraken maintained that as traditional finance and crypto converge, it will keep adding new services. In Q2, the exchange rolled out commission-free equities trading alongside tokenised assets and a unified global money app.
The company also upgraded its offerings for professional traders, launching a full-service prime brokerage and a white-label solution for compliant crypto trading.
Expense Discipline
Despite heavy investment in growth, Kraken remains committed to cost control. The company reported adjusted EBITDA of $80 million.
It said it is focused on building operating leverage to withstand different market cycles and deliver sustainable profitability.
Regulatory Advances
Regulatory clarity is building in key regions, opening new avenues for Kraken’s services. The exchange became the first to secure authorisation from the Central Bank of Ireland under MiCA, paving the way for expansion across 30 European markets.
It also won a Restricted Dealer licence in Canada. Meanwhile, the U.S. passed the stablecoin-focused GENIUS Act in July and moved forward on comprehensive market structure legislation with bipartisan support.
Looking Ahead to IPO
Sources cited by The Information say Kraken is lining up a $500 million funding round at a $15 billion valuation.
Co-CEO Arjun Sethi reportedly views the raise as a step toward its planned IPO in early 2026.
The fresh capital would help solidify the valuation and prepare the company for public markets.