In a splendid display of financial gymnastics, Kraken has managed to drag in a whopping $411.6 million in the second quarter—an 18% jump, because who doesn’t love a good numbers game? But don’t crack open the champagne just yet, dear reader. Adjusted EBITDA decided to take a little tumble, slipping by 7% and landing at $79.7 million—kind of like losing your keys after a wild night out, only the keys are cash and the night was a market slowdown.
Meanwhile, total exchange volume boogied up 19% year-over-year to a dizzying $186.8 billion. But in a graceful pirouette, it then flicked downward 11% when compared to the previous quarter. Talk about trading with a sense of humor! Still, Kraken’s user-held assets hit a robust $43.2 billion—up 47% in just twelve months—proving that users are still lobbing their digital dough into the Kraken’s lair, even if they’re trading less often.
And if you thought this was all about pirate gold, think again. Kraken’s market share in stable-fiat spot trading did a little happy dance from 43% to 68% in just one quarter, showing they’re pretty good at turning the stable into a whole lot more.
As if that wasn’t enough, Kraken’s been busy diversifying like a sommelier at a grape festival. In April, they rolled out commission-free stock trading in the U.S.—because who doesn’t want to buy pieces of corporations without giving away a cut? May brought European traders a shiny new toy—crypto derivatives—so they could gamble with even more flair. And soon, they plan to bring zero-commission stock and ETF trading to the U.K., Europe, and Australia, because global domination is obviously on their mind.
But wait, as the plot thickens, Kraken is reportedly gearing up for a mega-funding round. Rumor has it, they’re aiming to summon $500 million at a $15 billion valuation—probably just to make their IPO in 2026 look like a small picnic. Because nothing says “we’re serious” like throwing money around before a big debut.
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2025-07-31 12:55