Kraken reported $411.6 million in income for the second quarter of 2025, an 18% enhance in comparison with the identical interval final yr, in line with its earnings launch. Nevertheless, the trade’s adjusted earnings declined 7% year-over-year to $79.7 million, down from $85.5 million in Q2 2024.
In response to figures released on Wednesday, buying and selling quantity on the crypto trade jumped by 19% over the previous yr, to $186.8 billion throughout Q2 2025.
In different areas, Kraken additionally posted constructive outcomes, with property leaping 47% to $43.2 billion, whereas funded accounts rose 37% to $4.4 million. The trade’s stablecoin-to-fiat market share additionally grew, up from 43% to 68%.
Kraken’s earnings report comes as the corporate seems to lift $500 million at a $15 billion valuation whereas making ready for a possible public providing in 2026.
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Kraken is in “Construct Mode”
Kraken attributed a number of the drop in adjusted earnings to broader macro uncertainties associated to US tariffs. The trade additionally claims to be in “Construct mode,” targeted extra on broadening its enterprise past crypto buying and selling than on speedy earnings.
A number of current product launches again up this declare.
In the course of the previous quarter, the trade lately launched US equities trading on its app, permitting customers in most US states to handle shares and crypto in a single place.
The corporate additionally launched 24/7 FX perpetual futures in mid-April, and debuted xStocks in June, a collection of tokenized blue-chip equities and ETFs.
Tradfi, crypto converge in tokenized equities push
Kraken’s Q2 push into tokenized equities displays a broader convergence of TradFi and crypto.
Bybit has additionally introduced partnerships for tokenized equities, and Coinbase is at present searching for SEC approval to checklist tokenized shares. Talking with Reuters, chief authorized officer Paul S. Grewal, referred to as it a “large precedence.”
Conventional brokers are making strikes, too. Robinhood launched over 200 tokenized US stocks and ETFs on Arbitrum for European customers in June. On Tuesday, the regulated brokerage platform eToro introduced plans to tokenize the 100 most popular US stocks and ETFs as ERC-20 tokens on Ethereum.
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