Kraken Grows Fast, But Profits Dip Ahead of 2026 IPO Plans

Revenue came in at $411.6 million, up 18% compared to the same period in 2024. However, adjusted earnings fell by 7%, landing at $79.7 million, down from $85.5 million in Q2 2024.

The company pointed to economic uncertainty in the US, including new tariffs, as one reason for the lower profit. At the same time, Kraken said it is focused on building long-term growth rather than short-term returns.

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Recent product updates support that shift. In April, Kraken launched foreign exchange (forex) perpetual futures. It also rolled out stock trading for US users, which allows them to manage shares and cryptocurrencies in a single app.

By June, it had added xStocks, a new offering that lets users trade tokenized versions of major company stocks and exchange-traded funds (ETFs).

Trading activity on the platform remained strong, where volume reached $186.8 billion, up 19% from a year earlier. Client assets held on the platform rose 47% to $43.2 billion.

The number of funded accounts climbed by 37%, reaching 4.4 million, while Kraken’s market share in converting stablecoins to regular currency increased from 43% to 68%.

This earnings update comes as the company works toward raising $500 million at a $15 billion valuation. The goal is to prepare for a possible stock market listing in 2026.

On July 17, Kraken rolled out futures trading for US users through a regulated platform. How does it work? Read the full story.