Kraken's Q2 earnings dip as exchange expands beyond crypto

Kraken just dropped its Q2 2025 financials, and it's a mixed bag. Revenue hit $411.6M, up 18% YoY, but adjusted earnings took a 7% dive to $79.7M. Trading volume? A solid $186.8B, up 19%. Assets under management ballooned 47% to $43.2B, and funded accounts grew 37% to 4.4M. Oh, and their stablecoin game? Stronger than ever, with market share jumping from 43% to 68%.

This comes as Kraken is reportedly eyeing a $500M raise at a $15B valuation, with whispers of a 2026 IPO. But here's the kicker: they're not just about crypto anymore. The exchange is going full 'Build Mode,' diversifying into TradFi like there's no tomorrow.

Blame it on 'macro uncertainties' or call it strategic genius, but Kraken's pushing hard beyond crypto. They've rolled out US equities trading, 24/7 FX perpetual futures, and xStocks—tokenized blue-chip equities and ETFs. Because why choose between stocks and crypto when you can have both?

Kraken's not alone in this tokenized stock frenzy. Bybit's playing the game, Coinbase is begging the SEC for approval, and even Robinhood and eToro are jumping on the bandwagon with their own tokenized offerings. The line between TradFi and crypto? Blurrier than ever.