Kraken Revenue Soars Year-Over-Year – But EBITDA Takes a Hit

Kraken reported $412 million in revenue for Q2 2025. This represented an 18% increase year-over-year but a decline of 13% quarter-over-quarter, for the crypto exchange

Adjusted EBITDA, however, plunged by 7% during the same period and reached $79.7 million from $85.5 million.

Seasonal Weakness

Total exchange volume rose 19% year-over-year to $186.8 billion, though activity slowed quarter-over-quarter amid market turbulence tied to US tariffs and broader macroeconomic uncertainties. Kraken noted that Q2 is typically a seasonally weaker period for trading across the industry.

The exchange’s funded accounts grew 37% from a year earlier to 4.4 million, while assets on the platform rose 47% year-over-year to $43.2 billion. Kraken also revealed expanding its market share in spot trading, which was supported by ongoing product improvements. In fact, the company saw strong momentum in stablecoin-related trading, as its share of stable-fiat spot volumes climbed from 43% to 68% over the quarter.

Kraken has announced a series of product expansions targeting both retail and institutional users. In Europe, the company launched what it describes as the region’s largest MiFID-regulated crypto futures suite, including 24/7 FX perpetual futures for EUR, GBP, AUD, JPY, and CHF trading pairs on Kraken Pro.

In the United States, the platform introduced a regulated derivatives offering to allow users to access CME-listed crypto futures through its integrated platform. For institutional clients, the company debuted Kraken Prime, a brokerage service that combined trade execution, custody, and liquidity.

The crypto exchange also expanded its custody business by adding support for Solana (SOL), XRP, and reward-bearing USDG, to target high-net-worth individuals and institutional clients seeking secure asset storage and staking solutions.

Co-Founder Cleared by DOJ

Amid these operational milestones, the company saw a separate legal issue concerning its former CEO reach a conclusion. The US Department of Justice recently closed its investigation into Kraken co-founder Jesse Powell, which stemmed from allegations unrelated to crypto. The probe focused on a governance dispute involving Verge Center for the Arts, a nonprofit Powell founded.

He was accused of hacking accounts and blocking access. The FBI raided Powell’s home in 2023 and seized devices that have now been returned. Prosecutors informed Powell’s team in April that no charges would be filed. The founder called the raid “devastating” and plans civil action against Verge’s board.

The decision comes as Kraken eyes a potential IPO in 2026. Powell remains on the company’s board after stepping down as CEO.