Kraken Q2 Earnings Climb 18% as Exchange Leans Into Tokenized Stocks and TradFi Services

Kraken reported robust results for the second quarter of 2025 with revenues hitting $412 million—an 18% increase from the prior year.

Despite this surge in topline growth, the platform’s adjusted earnings softened, sliding 7% year-over-year to $79.7 million, underscoring Kraken’s heavy investment in product diversification and infrastructure expansion.

Trading volumes also reflected market momentum, soaring 19% to $186.8 billion over the quarter. The exchange saw assets on its platform skyrocket by 47% to $43.2 billion, while funded accounts grew 37%, reaching 4.4 million customers. Kraken’s share in the stablecoin-to-fiat market swelled from 43% to 68%—a testament to the increasing appetite for digital dollar rails amid global economic uncertainty.

Kraken’s Q2 performance arrived as it embarks on a $500 million fundraising effort to secure a $15 billion pre-IPO valuation, a move that signals its intention to go public as soon as 2026.

The exchange’s financial results are inseparable from its “build mode” strategy—shifting focus beyond crypto trading to include traditional financial assets and tokenized equities. During the quarter, Kraken launched commission-free US equities trading in select states, expanding access through its mobile and pro apps. Users in most US states can now buy stocks and crypto side by side, and fractional trading is opening the doors for smaller retail investors.

Kraken introduced xStocks in June, a platform offering tokenized shares of blue-chip US stocks and ETFs. These digital tokens—available to eligible clients outside the US—enable 24/7 trading, representing a major step forward in the merger of traditional finance and blockchain. xStocks is part of a broader wave, with competitors like Bybit, Coinbase, Robinhood, and eToro racing to tokenize equities for global access.

Notably, the FBI’s investigation into Jesse Powell, founder of the Kraken cryptocurrency exchange, has concluded. Crucially, the FBI has returned Powell’s seized devices, indicating the investigation has ended without any charges or further action.

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