- On the other hand, adjusted EBITDA fell to $79.7 million from $85.5 million, a decline of 7%.
- Funded accounts on the exchange increased by 37% year-over-year to 4.4 million, while platform assets increased by 47% to $43.2 billion.
In the second quarter of 2025, Kraken made $412 million. This was an 18% year-over-year growth for the cryptocurrency exchange, but a 13% quarterly loss. On the other hand, adjusted EBITDA fell to $79.7 million from $85.5 million, a decline of 7%.
Although activity slowed quarter-over-quarter due to market volatility associated with US tariffs and larger macroeconomic uncertainty, total exchange volume increased 19% year-over-year to $186.8 billion. According to Kraken, the second quarter is usually a slower trading time for the industry as a whole.
Funded accounts on the exchange increased by 37% year-over-year to 4.4 million, while platform assets increased by 47% to $43.2 billion. In addition, Kraken said that its market share in spot trading has been growing, thanks to continuous product enhancements. With a stable-fiat spot volume share that increased from 43% to 68% throughout the quarter, the business clearly saw robust momentum in stablecoin-related trading.
Strategic Growth
A number of product extensions aimed at retail and institutional customers have been launched by Kraken. The business has introduced what it calls the biggest MiFID-regulated crypto futures suite in Europe on Kraken Pro. This suite includes 24/7 FX perpetual futures for EUR, GBP, AUD, JPY, and CHF trading pairings.
Users in the US are now able to access crypto futures listed on CME via the platform’s integrated regulated derivatives offering. In its debut, Kraken Prime, the firm offered institutional customers a brokerage solution that integrated liquidity, custody, and trade execution.
With the addition of support for Solana (SOL), XRP, and reward-bearing USDG, the crypto exchange broadened its custody service to attract institutional and high-net-worth clientele looking for safe ways to store and stake their assets.
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