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Kraken reported strong performance in Q2 with revenue rising 18% year-on-year to $411.6 million signaling growing momentum in the crypto market. Adjusted EBITDA fell 7% to $79.7 million due to market turbulence and macroeconomic uncertainty. Despite this total exchange volume jumped 19% year-over-year to $186.8 billion while platform assets grew 47% to $43.2 billion.
The exchange also saw its stable-fiat spot volume share increase from 43% to 68% showing greater user preference for reliable trading pairs. Kraken cited a seasonal slowdown in Q2 but maintained that overall interest in digital assets remains strong. Its continued growth highlights crypto’s resilience even during uncertain market conditions.
Kraken expanded into commission-free stock trading in the U.S. in April and launched crypto derivatives in Europe in May. It plans to roll out stock and ETF trading in the U.K. Europe and Australia later this year. The company is now seeking to raise $500 million at a $15 billion valuation ahead of a planned IPO in 2026.