Kraken’s Q2 revenue rises 18% to $412 million despite adjusted EBITDA drop amid ‘market turbulence’

Crypto exchange Kraken saw its revenue grow 18% year-on-year in the second quarter of this year, but its adjusted EBITDA shrank 7%, the company said, citing "market turbulence" amid broader macro uncertainties.

According to its latest disclosure released Wednesday, Kraken reported $411.6 million in revenue in the second quarter of this year, up 18% year-on-year, while its adjusted EBITDA fell 7% to $79.7 million.

Kraken's total exchange volume grew 19% year-over-year to $186.8 billion in the second quarter, though it declined 11% from the previous quarter. Assets on the platform expanded 47% year-on-year to reach $43.2 billion at the end of the second quarter.

"After a strong Q1, there was market turbulence related to U.S. tariffs and broader macro uncertainties," Kraken said. "Q2 volumes decelerated quarter-over-quarter, as Q2 tends to be a seasonally lower quarter for trading activity across the industry."

Kraken also noted that its share of stable-fiat spot volumes grew from 43% to 68% in the second quarter.

The crypto exchange has expanded its product offerings in the past few months. In April, it ventured into commission-free equities trading in the U.S., while expanding crypto derivatives services in Europe in May.

Kraken said it will begin exploring commission-free stock and ETF trading to key markets in the second half of the year, starting with the U.K., Europe and Australia. It also aims to expand access to tokenized equities across more jurisdictions.

The Information reported Tuesday that Kraken is seeking to raise $500 million at a $15 billion valuation ahead of its planned public offering slated for early 2026.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.