Kraken's second quarter revenues will fall as exchanges expand beyond crypto

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Kraken reported revenue of $411.6 million for the second quarter of 2025. This was an 18% increase compared to the same period last year, according to revenue announcements. However, the exchange’s adjusted revenues fell 7% year-on-year, down from $85.5 million in the second quarter of 2024.

Crypto exchange transactions volumes have risen 19% over the past year to $186.8 billion in the second quarter of 2025, according to figures released Wednesday.

In other areas, Kraken also recorded positive results, with assets growing from 47% to $43.2 billion, and funded accounts increasing 37% to $4.4 million. Market share between the exchange’s Stubcoin and Firet also increased from 43% to 68%.

This is because Kraken’s revenue report is looking to raise $500 million at a $15 billion valuation in preparation for a potential public offering in 2026.

Highlights of Kraken’s second quarter. Source: Kraken

Kraken is in “Build Mode”.

Kraken believes that a portion of the adjusted revenue decline is attributed to wider macro uncertainty related to US tariffs. The exchange also claims to be in “build mode” and focuses on expanding its business beyond crypto trading rather than immediate profits.

Several recent products back up this claim.

In the past quarter, Exchange recently launched US stock trading on its app, allowing most US state users to manage their stocks and crypto in one place.

The company also introduced 24/7 FX perpetual futures in mid-April and debuted XStocks in June.

https://www.youtube.com/watch?v=ry9mi57pbjs

Tradfi, Crypto converges to tokenized stock push

Kraken’s push to Q2 push tokenized stocks reflects the broader convergence of Tradfi and Crypto.

Bybit has also announced a partnership of tokenized stocks, and Coinbase is currently seeking SEC approval to list tokenized stocks. Speaking to Reuters, Chief Justice Officer Paul S. Grawal called it “a top priority.”

Traditional brokers are also in the process. Robinhood launched more than 200 tokenized US stocks and ETFs on Arbitrum in June for European users. On Tuesday, regulated brokerage platform Etoro announced plans to tokenize the 100 most popular US stocks and ETFs as Ethereum’s ERC-20 tokens.