Kraken Revenue Soars Year-Over-Year – But EBITDA Takes a Hit

Kraken reported $412 million in income for Q2 2025. This represented an 18% enhance year-over-year however a decline of 13% quarter-over-quarter, for the crypto alternate

Adjusted EBITDA, nevertheless, plunged by 7% throughout the identical interval and reached $79.7 million from $85.5 million.

Seasonal Weak point

Whole alternate quantity rose 19% year-over-year to $186.8 billion, although exercise slowed quarter-over-quarter amid market turbulence tied to US tariffs and broader macroeconomic uncertainties. Kraken noted that Q2 is often a seasonally weaker interval for buying and selling throughout the business.

The alternate’s funded accounts grew 37% from a 12 months earlier to 4.4 million, whereas belongings on the platform rose 47% year-over-year to $43.2 billion. Kraken additionally revealed increasing its market share in spot buying and selling, which was supported by ongoing product enhancements. In actual fact, the corporate noticed sturdy momentum in stablecoin-related buying and selling, as its share of stable-fiat spot volumes climbed from 43% to 68% over the quarter.

Kraken has introduced a collection of product expansions concentrating on each retail and institutional customers. In Europe, the corporate launched what it describes because the area’s largest MiFID-regulated crypto futures suite, together with 24/7 FX perpetual futures for EUR, GBP, AUD, JPY, and CHF buying and selling pairs on Kraken Professional.

In the USA, the platform launched a regulated derivatives providing to permit customers to entry CME-listed crypto futures via its built-in platform. For institutional shoppers, the corporate debuted Kraken Prime, a brokerage service that mixed commerce execution, custody, and liquidity.

The crypto alternate additionally expanded its custody enterprise by including help for Solana (SOL), XRP, and reward-bearing USDG, to focus on high-net-worth people and institutional shoppers searching for safe asset storage and staking options.

Co-Founder Cleared by DOJ

Amid these operational milestones, the corporate noticed a separate authorized difficulty regarding its former CEO attain a conclusion. The US Division of Justice lately closed its investigation into Kraken co-founder Jesse Powell, which stemmed from allegations unrelated to crypto. The probe targeted on a governance dispute involving Verge Heart for the Arts, a nonprofit Powell based.

He was accused of hacking accounts and blocking entry. The FBI raided Powell’s residence in 2023 and seized units which have now been returned. Prosecutors knowledgeable Powell’s workforce in April that no costs can be filed. The founder known as the raid “devastating” and plans civil motion towards Verge’s board.

The choice comes as Kraken eyes a possible IPO in 2026. Powell stays on the corporate’s board after stepping down as CEO.