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Kraken is in build mode. We are creating a multi-asset platform that enables anyone to trade anything, anytime, anywhere. In Q2, our pace accelerated — new products launched, global access expanded and infrastructure scaled.

We are pushing the envelope on geo expansion and establishing ourselves as the infrastructure provider that will power the next generation of financial services. From crypto to stocks to tokenized assets, we are redefining what’s possible and ensuring more people can access investment opportunities globally.

Strong financial results fueled by consistent and disciplined delivery

We delivered revenue of $412M in Q2 2025, a 18% year-over-year increase. Adjusted EBITDA came in at $80M.  

Our total exchange volume was $186.8B in Q2 2025, up 19% year-over-year. After a strong Q1, there was market turbulence related to U.S. tariffs and broader macro uncertainties. Q2 volumes decelerated quarter-over-quarter, as Q2 tends to be a seasonally lower quarter for trading activity

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