Cryptocurrency exchange Kraken reported a 6.8% decline in adjusted earnings (EBITDA) for Q2 2025 compared to the same period last year, reflecting the impact of broader market volatility and macroeconomic pressures.
Q2 EBITDA Falls to $79.7 Million
The exchange posted EBITDA of $79.7 million, down from $85.5 million in Q2 2024. The decline also marks a significant drop from $187.4 million in Q1 2025, suggesting that the company’s strong start to the year was followed by a notable slowdown in Q2.
Kraken’s Q2 revenue declined 13% quarter-over-quarter to $411.6 million, from $471.7 million in Q1.
However, on a year-over-year basis, revenue was up 18% compared to Q2 2024, reflecting some positive momentum despite short-term pressures.
Market Turbulence and Trade Policy Influence Performance
Kraken attributed part of its Q2 decline to heightened market turbulence, driven in part by new U.S. trade policies, including steeper tariffs imposed by President Trump. The uncertainty surrounding global trade may have dampened investor sentiment across risk assets, including cryptocurrencies.
Volatility in crypto markets often correlates with global macro shifts, especially those affecting investor confidence and cross-border capital flows.
Kraken’s Growth Still Outpaces 2024
Despite the Q2 setback, Kraken’s performance is still ahead of where it was one year ago in revenue terms. The exchange continues to benefit from rising global adoption of digital assets, and its expansion into staking, derivatives, and institutional services is likely to support long-term growth.
Outlook for H2 2025
As the crypto market stabilizes following mid-year volatility, Kraken may be positioned for a stronger second half of 2025, especially if regulatory clarity and broader economic recovery improve risk appetite.
While Kraken’s Q2 earnings reflect a cooling off from Q1 highs, its year-over-year revenue growth and solid fundamentals suggest the exchange remains resilient in a shifting market landscape.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.