Kraken is in construction mode. We create a multi-network platform that allows anyone to exchange anything, at any time, anywhere. In the second quarter, our pace accelerated – new products launched, widened world access and scale infrastructure.
We push the envelope on the expansion of Geo and we establish ourselves as an infrastructure provider that will feed the next generation of financial services. From crypto to actions through token assets, we redefine what is possible and ensuring that more people can access investment opportunities worldwide.
Strong financial results fed by a coherent and disciplined delivery
We generated income of $ 412 million in the second quarter of 2025, an increase of 18% in annual shift. The adjusted baiia came to $ 80 million.
Our total exchange volume was $ 186.8 billion in the second quarter of 2025, up 19% in annual shift. After a solid Q1, there were market turbulence linked to American prices and wider macro uncertainties. The volumes of the Q2 have decelerated a quarter-sur-quarter, because the T2 tends to be a seasonal quarter lower than the commercial activity through the industry.
Our funded accounts lasted 4.4 m in T2 2025, increasing by 37% in annual shift. The active assets were $ 43.2 billion at the end of T2 2025, increasing by 47% in annual sliding.
The financial performance of Kraken T2 has remained resilient, highlighted by three key trends:
- Expansion of the volume market share: We continued to increase our share of the punctual volume. This was motivated by the continuation of investments improving the experience of products, as well as our strong position in the stablecoins, where our share of stable-fiat spot volumes increased from 43% to 68%.
- Growth investment: While the Tradfi and Crypto markets converge, we strategically invest in innovation and expanding our product suite to accelerate growth. In Q2, we have supported the delivery of products and faster platform improvements, as well as targeted marketing efforts that have demonstrated a solid and efficient return on investment.
- Expenses discipline: To strengthen our activities to all market cycles, we remain intensely concentrated in strengthening the operational lever effect to create a sustainable business.
Build above our Pro-Trader platform
Professional merchants are the heart rate of our platform. Their participation in our ecosystem and the liquidity they provide in energy the rapid development of more products for Kraken consumption and institutional companies, which in turn feeds the global ecosystem.
Our strategy has been highlighted by several new products in T2, including trading of actions without commission, tokenized assets and a global monetary application entirely one.
We have also continued to improve our capacities and offers pro-trapped parallel to the introduction of a first-rate brokerage and a white label solution for fully compliant cryptographic trading.
Updates of professional products
Updates of institutional products
Updates consumer products
- Trade in actions without commission – We have introduced American negotiation actions into the Kraken application for most American states, giving customers the convenience of the management of actions and cryptography on the side.
- xstocks – We have tokenized 55 blue actions and 5 ETFs on the blockchain, opening an exposure to round actions for eligible customers outside the United States, with transparent transferability on the spot.
- Krak application – We have launched a global money application fully one which allows customers to pay, transfer and win in more than 300 cryptographic and Fiat active in more than 160 countries.
- Dedicated Brazilian offering – We have added BRL Instant via PIX funding, fully localized web and mobile applications, and 24/7 management in Brazilian Portuguese, bringing the world platform for Kraken from Brazilian users.
- Kraken + – We have launched a premium subscription which offers zero-fie-foe negotiation allowances, priority support and an increase in USDG rewards. He experienced a strong adoption with more than 100,000 subscribers with more than a billion dollars on the platform of new and experienced investors.
Significant regulatory progress
Regulatory clarity is gaining momentum on developed and emerging markets around the world.
This acceleration trend is to open up new investment and growth opportunities for us. We continue to expand our license footprint in order to offer more innovative products and services to a wider audience of institutional and detail customers.
We have become the first exchange to receive authorization from the central bank of Ireland under Mica, positioning the company for accelerated growth in 30 European markets. We also obtained a limited dealer license in Canada, further expanding our regulatory footprint.
In the United States, the Stablecoin-based engineering law was promulgated in July, marking an important step. At the same time, the complete legislation of the structure of the market adopted the Chamber and progresses in the Senate with strong bipartisan support.
Our in-depth experience of regulations and compliance and the proactive approach to policy changes positions us as well as new regulatory executives continue to develop on other markets through Americas, EMEA and Asia-Pacific.
Transparency by proof of reservations
Today, we also announce the completion of our latest proofs of reservations for cryptocurrencies supported in complete safety by Kraken on June 30, 2025.
Reserve ratios on June 30, 2025
Each quarter, Kraken customers can confirm that their assets are fully supported in onchain. They can verify that the balance of their account has been included in the Proof of Reserve report, validated independently by the third -party accounting firm in Kraken.
Kraken has launched the practice of regular proof of reservations – well before becoming an expectation of industry – and we remain one of the few platforms to carry out this process.
Perspectives: H2 2025 and beyond
Our team is tirelessly focused on getting Kraken to the next level. This is what our customers demand and what we are committed to delivering. In the second half of 2025, Momentum accumulates through the global footprint: new licenses are being secured, added local financing rails and widened multi -network experiences and innovative products launched – all taking advantage of the central infrastructure of Kraken.
The main initiatives on the horizon include:
- International actions -Extension of actions without commission and FNB exchanges to the main markets beyond the United States, starting with the United Kingdom, Europe and Australia.
- Tokenized actions – Bring tokenized actions to more jurisdictions and regularly increase the number of our assets listed.
- Kraken debit cards – Presentation of physical and virtual debit cards, issued with Mastercard, to allow online and online expenses of Fiat and crypto via the Krak application.
- Ninjatrader growth -Accelerate the scope of the platform in the United Kingdom, Europe and Australia and allowing a multi-active exchange without friction through the ecosystems of Kraken and Ninjatrader.
We build the backbone of a new financial system; A product, a market and a breakthrough at a time.
Adjusted income and EBITDA are non-Gaap financial measures used by internal management to understand, manage and assess the company and make operational decisions. We believe that these measures provide an additional overview of our operational performance and help facilitate comparisons for the period indicated. EBITDA is a profit before interest, taxes, depreciation and damping. The adjusted Baiia excludes irregular, non -recurrent and / or discretionary expenses and is intended to provide a clearer view of the basic profitability of the company. The active ingredients are measured from the last day of the budgetary quarter. Funded accounts represent the total of customers financed with a higher balance of $ 0 from the last day of the quarter. The total exchange volume includes volumes of exchange to the point, margin, to term contracts, consumers and actions (beginning of Q2 2025) for the period indicated. The measures presented include ninjatrader from May 1, 2025.
The information provided in this communication is for information purposes only and does not constitute an offer, a request or a recommendation to buy or sell a token, security or a financial instrument. It is not intended to be and should not be invoked as investment, financial, legal or tax councils. Past performance is not necessarily indicative of future results.
