Kraken reported $411.6 million in revenue for Q2 2025, up 18% from last year. However, adjusted earnings dropped 7% to $79.7 million. Trading volume rose by 19% to $186.8 billion, assets increased by 47% to $43.2 billion, and funded accounts grew by 37% to $4.4 million.

Kraken is seeking to raise $500 million at a $15 billion valuation and preparing for a potential public offering in 2026. The exchange is in “Build Mode,” focusing on expanding beyond crypto trading. Recent product launches include US equities trading, 24/7 FX perpetual futures, and tokenized blue-chip equities and ETFs.

Kraken’s Q2 push into tokenized equities reflects a broader convergence of TradFi and crypto. Bybit and Coinbase are also entering the tokenized equities market. Traditional brokers like Robinhood and eToro are tokenizing US stocks and ETFs. The trend of tokenized assets is gaining momentum across both traditional and crypto financial sectors.

Read more at Cointelegraph: Kraken’s Q2 Earnings Dip as Exchange Expands Beyond Crypto