Kraken reported $411.6 million in income for the second quarter of 2025, an 18% enhance in comparison with the identical interval final yr, based on its earnings launch. Nonetheless, the alternate’s adjusted earnings declined 7% year-over-year to $79.7 million, down from $85.5 million in Q2 2024.
In response to figures launched on Wednesday, buying and selling quantity on the crypto alternate jumped by 19% over the previous yr, to $186.8 billion throughout Q2 2025.
In different areas, Kraken additionally posted constructive outcomes, with property leaping 47% to $43.2 billion, whereas funded accounts rose 37% to $4.4 million. The alternate’s stablecoin-to-fiat market share additionally grew, up from 43% to 68%.
Kraken’s earnings report comes as the corporate appears to boost $500 million at a $15 billion valuation whereas getting ready for a possible public providing in 2026.
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Kraken is in “Construct Mode”
Kraken attributed a few of the drop in adjusted earnings to broader macro uncertainties associated to US tariffs. The alternate additionally claims to be in “Construct mode,” centered extra on broadening its enterprise past crypto buying and selling than on instant income.
A number of current product launches again up this declare.
Throughout the previous quarter, the alternate not too long ago launched US equities buying and selling on its app, permitting customers in most US states to handle shares and crypto in a single place.
The corporate additionally launched 24/7 FX perpetual futures in mid-April, and debuted xStocks in June, a collection of tokenized blue-chip equities and ETFs.
Tradfi, crypto converge in tokenized equities push
Kraken’s Q2 push into tokenized equities displays a broader convergence of TradFi and crypto.
Bybit has additionally introduced partnerships for tokenized equities, and Coinbase is at the moment in search of SEC approval to checklist tokenized shares. Talking with Reuters, chief authorized officer Paul S. Grewal, referred to as it a “enormous precedence.”
Conventional brokers are making strikes, too. Robinhood launched over 200 tokenized US shares and ETFs on Arbitrum for European customers in June. On Tuesday, the regulated brokerage platform eToro introduced plans to tokenize the 100 hottest US shares and ETFs as ERC-20 tokens on Ethereum.
Journal: Robinhood’s tokenized shares have stirred up a authorized hornet’s nest
