Kraken is once again showing strong growth, but not everything is smooth sailing. Despite an 18% rise in revenue, the crypto exchange experienced a 7% decline in adjusted EBITDA for Q2 2025. Despite an 18% increase in revenue, the crypto exchange reported a 7% drop in adjusted EBITDA for Q2 2025. Guess what’s to blame? Market turbulence, that’s what, with U.S. tariffs and the ongoing macro uncertainties causing a bit of a headache.
The numbers look decent enough; Kraken reported $411.6 million in revenue, up from last year, but its adjusted EBITDA fell to $79.7 million. Maybe not a disaster, but definitely not the type of chart you’d put up on your fridge. Total exchange volume grew 19% year-over-year to $186.8 billion in Q2, though it fell 11% compared to Q1. So, we’re seeing growth, but also a bit of a slowdown. It’s the crypto rollercoaster, after all.
Kraken did manage to expand its assets on the platform by a solid 47%, reaching $43.2 billion by the end of the quarter. Not bad, right? But the company knows it’s not all smooth sailing. "Q2 tends to be a seasonally slower quarter for trading," Kraken admitted.
Kraken's Big Moves and Future Plans
And if that wasn’t enough, Kraken’s also pushing for more, ramping up its product offerings. From commission-free equities trading in the U.S. to expanding its crypto derivatives services across Europe, it’s clear the exchange is on the move. But hold up, Kraken’s not done yet. The company is eyeing commission-free stock and ETF trading in the U.K., Europe, and Australia later this year. And they’re ready to bring tokenized equities to more markets, too.
On top of that, Kraken's reportedly raising $500 million at a $15 billion valuation ahead of its planned 2026 IPO. With big plans like these, it’s clear that Kraken’s looking to ride out this turbulent market with more than just surviving in mind. The crypto space better watch out.
Anastasiia G
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