Didier: Kraken Reports Strong Q2 Revenue Growth Amid Strategic Shift, Asset Expansion
Cryptocurrency exchange Kraken reported robust revenue growth for the second quarter of 2025, achieving $411.6 million in sales—a marked increase of 18% year-over-year. However, a reported $79.7 million in adjusted earnings reflected an 8% decline compared to Q2 2024’s $85.5 million results, the company announced Tuesday.
Despite the dip in profits, the platform experienced significant year-over-year expansion across key metrics. Q2 trading volume surged 19% to reach $186.8 billion. Assets under management jumped sharply, climbing 47% to $43.2 billion. The exchange also reported a 37% increase in active funded accounts, reaching 4.4 million.
Kraken’s stablecoin-to-fiat market share saw a dramatic rise, increasing from 43% to 68% over the same period. Earlier this week, citing specific data point figures from Wednesday’s release, the exchange highlighted its heightened tokenized stablecoin dominance within the fiat-crypto transaction space.
Strategic Build Mode and Funding Plans
Kraken attributes its adjusted earnings shortfall partly to macroeconomic headwinds, including US-related tariff uncertainties impacting international operations. Significantly, management has signaled a strategic pivot, describing Kraken as operating in a “Build Mode.”
The stated objective underscores a focus on broadening service offerings beyond core crypto trading, with less immediate emphasis on profit maximization. Product diversification during Q2 appears explicitly aimed at this growth strategy.
Recent launches supporting this approach include: introducing US equities trading for users across most U.S. states within its app, debut of 24/7 FX perpetual futures in April, and the June introduction of xStocks, offering tokenized versions of blue-chip equities and ETFs.
This quarter, Kraken has clearly prioritized expansion into tokenized equities, signifying a pronounced trend toward TradFi-crypto convergence, potentially paving the way for enhanced listings next year. Citing a week earlier statement, the platform indicated this priority during preliminary discussion phases with relevant authorities regarding tokenized stock listings.
The strategy appears gaining wider industry traction, with Bybit announcing partner integrations for tokenized stocks, and Coinbase pursuing SEC approval for a tokenized stock listing. Recent commentary suggests such listings are becoming a “huge priority” for established players.
Traditional finance players are similarly deploying tokenization. Robinhood launched over 200 tokenized U.S. stocks and ETFs last month targeting European users, while eToro announced plans Tuesday to offer tokenized versions of 100 popular U.S. stocks and ETFs via Ethereum.
Early-stage projects like Kraken’s xStocks aim to integrate core traditional market access with crypto users and infrastructure, suggesting a structural industry shift toward persistent tokenization discussions.
