The firm brought in $411.6 million in revenue during the second quarter, marking an 18% rise compared to the same period last year. However, adjusted EBITDA declined by 7%, landing at $79.7 million. Kraken attributed the drop to a slowdown in trading momentum following a strong first quarter, citing uncertainty tied to U.S. tariff policy and overall macroeconomic fragility.
While total exchange volume surged 19% year-over-year to $186.8 billion, it dipped 11% when measured against the first quarter of this year. Still, Kraken’s user-held assets climbed to $43.2 billion—a 47% increase over the past 12 months—signaling broader user engagement despite reduced quarter-over-quarter trading activity.
The exchange also saw its dominance in stable-fiat spot trading grow sharply, with its market share in that category jumping from 43% to 68% in just one quarter.
Kraken has been actively diversifying its services. In April, it launched commission-free stock trading in the U.S. and followed up in May with expanded crypto derivatives offerings across European markets. Looking ahead, Kraken plans to bring zero-commission stock and ETF trading to the U.K., Europe, and Australia by year-end, while also targeting broader distribution of tokenized equities.
Adding to the momentum, Kraken is reportedly gearing up for a major funding round. According to sources cited by The Information, the company is aiming to raise $500 million at a $15 billion valuation ahead of a potential IPO scheduled for early 2026.
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