Revenue & Volume: Steady Year-over-Year Growth Despite Seasonal Slowdown
Kraken’s second-quarter revenue reached $412 million, an 18 % increase year-over-year, while adjusted EBITDA stood at $80 million. Total trading volume for the quarter was $186.8 billion, up 19 % on last year. Although volumes dipped quarter-over-quarter—typical for Q2 across the industry—Kraken continued to expand its share of the spot market, driven by deeper liquidity in stablecoins (share rising from 43 % to 68 %) and ongoing product enhancements.

User & Asset Growth: 4.4 Million Funded Accounts, $43.2 Billion in Client Assets
Funded accounts climbed to 4.4 million, a 37 % year-over-year jump, and client assets under custody totaled $43.2 billion, up 47 %. Management attributes this growth to disciplined investment in user experience, targeted marketing with strong ROI, and tight cost controls that raise operating leverage across market cycles.

Product Rollouts & Expansion: Pro, Prime, and Consumer Lines All Advance

Professional Products

• European Perpetuals: Launched the continent’s largest MiFID-regulated crypto futures suite, adding round-the-clock FX perpetuals (EUR, GBP, AUD, JPY, CHF pairs) on Kraken Pro.

• U.S. Futures: U.S. clients now access CME-listed crypto futures directly through an integrated Kraken Pro interface.

Institutional Products

• Kraken Prime: Full-service prime brokerage offering best execution, qualified custody, multi-venue liquidity, and 24/7 white-glove support.

• Kraken Custody: Added yield-bearing USDG and expanded custody to SOL and XRP for institutions and high-net-worth individuals.

• Kraken Embed: A turnkey, white-label “crypto-as-a-service” API already adopted by Europe’s second-largest neobank, bunq, and broker-dealer Alpaca, with more integrations in the pipeline.

Consumer Products

• Zero-Commission U.S. Stock Trading: Rolled out in-app equity trading for most U.S. states, letting users manage stocks and crypto side-by-side.

• xStocks: Tokenized 55 blue-chip stocks and 5 ETFs on-chain, giving non-U.S. clients 24/7 equity exposure and seamless on-chain transfers.

• Krak App: A global self-custody wallet supporting 300+ cryptocurrencies and fiat rails in 160+ countries for payments, transfers, and yield.

• Brazil-First Features: Instant BRL deposits, fully localized UX, and 24/7 Portuguese support.

• Kraken+ Premium: Membership with zero-fee tiers, priority support, and boosted USDG rewards—already 100 k+ subscribers managing over $1 billion on-platform.

Regulatory Milestones: First MiCA License in Ireland, Canadian Dealer Permit
Kraken became the first exchange to secure a MiCA license from the Central Bank of Ireland, unlocking 30 European markets. It also obtained a restricted dealer license in Canada, further widening its regulated footprint.

Proof-of-Reserves: Third-Party Verified, Updated Quarterly
Clients can verify every quarter that their assets are fully backed on-chain via an independent accountant-audited “Proof-of-Reserves” report—an industry practice Kraken pioneered and still leads.

Coming Next: Global Equities, Tokenized Stocks, Kraken Debit Card & NinjaTrader Integration

• International Equities: Commission-free stock and ETF trading will launch in the U.K., Europe, and Australia.

• Tokenized Stocks: More jurisdictions and additional assets are on the way.

• Kraken Debit Card: Physical and virtual Mastercard debit cards—issued via the Krak app—will enable seamless in-store and online spending of fiat and crypto.

• NinjaTrader Expansion: Accelerated rollout in the U.K., Europe, and Australia, with frictionless multi-asset trading between Kraken and NinjaTrader ecosystems.

Revenue & Volume: Steady Year-over-Year Growth Despite Seasonal Slowdown
Kraken’s second-quarter revenue reached $412 million, an 18 % increase year-over-year, while adjusted EBITDA stood at $80 million. Total trading volume for the quarter was $186.8 billion, up 19 % on last year. Although volumes dipped quarter-over-quarter—typical for Q2 across the industry—Kraken continued to expand its share of the spot market, driven by deeper liquidity in stablecoins (share rising from 43 % to 68 %) and ongoing product enhancements.

User & Asset Growth: 4.4 Million Funded Accounts, $43.2 Billion in Client Assets
Funded accounts climbed to 4.4 million, a 37 % year-over-year jump, and client assets under custody totaled $43.2 billion, up 47 %. Management attributes this growth to disciplined investment in user experience, targeted marketing with strong ROI, and tight cost controls that raise operating leverage across market cycles.

Product Rollouts & Expansion: Pro, Prime, and Consumer Lines All Advance

Professional Products

• European Perpetuals: Launched the continent’s largest MiFID-regulated crypto futures suite, adding round-the-clock FX perpetuals (EUR, GBP, AUD, JPY, CHF pairs) on Kraken Pro.

• U.S. Futures: U.S. clients now access CME-listed crypto futures directly through an integrated Kraken Pro interface.

Institutional Products

• Kraken Prime: Full-service prime brokerage offering best execution, qualified custody, multi-venue liquidity, and 24/7 white-glove support.

• Kraken Custody: Added yield-bearing USDG and expanded custody to SOL and XRP for institutions and high-net-worth individuals.

• Kraken Embed: A turnkey, white-label “crypto-as-a-service” API already adopted by Europe’s second-largest neobank, bunq, and broker-dealer Alpaca, with more integrations in the pipeline.

Consumer Products

• Zero-Commission U.S. Stock Trading: Rolled out in-app equity trading for most U.S. states, letting users manage stocks and crypto side-by-side.

• xStocks: Tokenized 55 blue-chip stocks and 5 ETFs on-chain, giving non-U.S. clients 24/7 equity exposure and seamless on-chain transfers.

• Krak App: A global self-custody wallet supporting 300+ cryptocurrencies and fiat rails in 160+ countries for payments, transfers, and yield.

• Brazil-First Features: Instant BRL deposits, fully localized UX, and 24/7 Portuguese support.

• Kraken+ Premium: Membership with zero-fee tiers, priority support, and boosted USDG rewards—already 100 k+ subscribers managing over $1 billion on-platform.

Regulatory Milestones: First MiCA License in Ireland, Canadian Dealer Permit
Kraken became the first exchange to secure a MiCA license from the Central Bank of Ireland, unlocking 30 European markets. It also obtained a restricted dealer license in Canada, further widening its regulated footprint.

Proof-of-Reserves: Third-Party Verified, Updated Quarterly
Clients can verify every quarter that their assets are fully backed on-chain via an independent accountant-audited “Proof-of-Reserves” report—an industry practice Kraken pioneered and still leads.

Coming Next: Global Equities, Tokenized Stocks, Kraken Debit Card & NinjaTrader Integration

• International Equities: Commission-free stock and ETF trading will launch in the U.K., Europe, and Australia.

• Tokenized Stocks: More jurisdictions and additional assets are on the way.

• Kraken Debit Card: Physical and virtual Mastercard debit cards—issued via the Krak app—will enable seamless in-store and online spending of fiat and crypto.

• NinjaTrader Expansion: Accelerated rollout in the U.K., Europe, and Australia, with frictionless multi-asset trading between Kraken and NinjaTrader ecosystems.