According to Kraken's financial report, the company's revenue in the second quarter of 2025 was $411.6 million, an 18% increase compared to the same period last year. However, the exchange's adjusted earnings fell 7% year-on-year to $79.7 million, down from $85.5 million in the second quarter of 2024.
According to data released on Wednesday (July 30), the trading volume of the cryptocurrency exchange grew by 19% over the past year, reaching $186.8 billion in the second quarter of 2025.
In other areas, Kraken also achieved positive results, with assets growing by 47% to $43.2 billion, while funded accounts increased by 37% to 4.4 million. The exchange's market share of stablecoins to fiat also grew from 43% to 68%.
As Kraken's financial report was released, the company is seeking to raise $500 million at a valuation of $15 billion while preparing for a potential public listing in 2026.
Kraken attributed part of the decline in adjusted earnings to broader macro uncertainties related to U.S. tariffs. The exchange also claimed to be in "build mode," focusing more on expanding its business beyond cryptocurrency trading rather than immediate profitability.
Recent product launches support this claim.
In the past quarter, the exchange recently launched U.S. stock trading on its app, allowing users in most U.S. states to manage stocks and cryptocurrencies in one place. The company also launched 24/7 forex perpetual contracts in mid-April. In June, it introduced "xStocks," a tokenized product covering blue-chip stocks and ETFs.
Kraken's push for tokenized stocks in the second quarter reflects a broader integration of traditional finance and cryptocurrency.
Bybit also announced a partnership for tokenized stocks, while Coinbase is currently seeking approval from the U.S. Securities and Exchange Commission to list tokenized stocks. In a conversation with Reuters, Chief Legal Officer Paul S. Grewal called it a "major priority."
Traditional brokers are also taking action. Robinhood launched over 200 tokenized U.S. stocks and ETFs on Arbitrum for European users in June. On Tuesday, the regulated brokerage platform eToro announced plans to tokenize 100 of the most popular U.S. stocks and ETFs into ERC-20 tokens on Ethereum.
Related: Ethereum (ETH) 2035: What the Next Decade Might Look Like
Original article: “Kraken Q2 Earnings Decline, Exchange Accelerates Expansion Beyond Crypto”
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