Cryptocurrency exchange Kraken's income in Q2 2025 was 6.8% lower than in the equivalent quarter one year ago.

The San Francisco, California-based exchange reported adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of $79.7 million, compared to $85.5 million in Q2 2024.

This was also a 57% drop from its EBITDA of $187.4 million in Q1. Kraken pointed out that "Q2 tends to be a seasonally lower quarter for trading activity across the industry," in an earnings statement on Thursday.

The exchange also highlighted market turbulence related to the imposing of steeper tariffs by President Trump on trade with the U.S. This brought about a significant slide in the crypto market, with BTC falling to a 2025 low of around $76,000 in early April.

Kraken saw revenue fall 13% to $411.6 million compared to $471.7 million in Q1, though this was an 18% increase on Q2 2024.

One of Kraken's rivals Robinhood (HOOD) published its Q2 earnings on Wednesday, revealing a year-over-year jump of 98% in crypto revenue from the much lower base of $81 million up to $160 million.

Robinhood's crypto trading volume of $28.3 billion is dwarfed by that of Kraken which was $186.6 billion in the quarter. This was a 11% drop from $208.7 billion in Q1, but still 19% higher than a year ago.

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