Hold onto your hats, folksāKraken’s cash register is ringing louder than a circus clown, clocking in at a shiny $412 million for Q2 2025. That’s an 18% bump from last yearāhooray! š But wait, donāt pop the champagne just yet, because the party mood fizzled out with a 13% drop from last quarter. Oops! And guess what? EBITDA took a nosedive tooāshrinking by 7%, down to $79.7 million, from $85.5 million. Talk about a rollercoasterāmore twists than a pretzel factory! š¢
Market Mood? More like Mood Swings! š
Volume? Oh yeah, that went up 19% y-o-y to $186.8 billionāimpressive, right? Butāplot twist! Activity slowed down faster than grandma on a dance floor, thanks to Uncle Samās tariffs and that lovely global economic turbulence. Kraken hinted that Q2’s usually a sleepy seasonālike hibernating bears with jetlag. š»š¤
Meanwhile, accounts funded? Blooming by 37%, now 4.4 million folks jumping on the crypto train. Assets? A hefty $43.2 billionāmore zeros than a Las Vegas neon sign! Kraken even snatched some market share in spot trading, especially in stablecoins, where their share of stable-fiat spot volume jumped from 43% to a dazzling 68%. Well, look at that! š¦š
Expansion? You bet! In Europe, they launched what they call āthe biggest MiFID-regulated crypto futures suiteāāsounds fancy, huh?āincluding 24/7 FX futures in EUR, GBP, AUD, JPY, and CHF. Well, bless their hearts! šŖšŗ
And in the U.S.? Krakenās new regulated derivatives let users trade CME-listed crypto futures without needing a passport. Plus, they rolled out Kraken Primeāa fancy broker-service mashup of trade execution, custody, and liquidityāall bundled up for those high-roller institutional types. No fancy cigar needed, but a lot of zeroes! šŗšøš¼
Not stopping there, they also added Solana, XRP, and USDG to their custody lineupāaimed at the big fish who want to keep their wealth locked down tighter than Fort Knox. š¦š
Jesse Powell: From Crypto Legend to the DOJ’s Golf Partner? š
In the midst of all this hoopla, Krakenās co-founder Jesse Powell had a little legal dramaāthink of it as a dramatic soap opera. But, good news! The DOJ closed the case faster than you can say āAmerican Pie.ā The investigation was about some artsy nonprofit, not cryptoāso no crossover drama here. Apparently, Jesse was accused of hacking and blocking accessāyep, like a hacker in a 90s movie. FBI raided his house in 2023, took his devices, then promptly returned themālike a boomerang with a grudge. No charges, just a Hollywood-worthy scene. Powell called the raid ādevastating,ā and plans to sue the nonprofitās board. Stay tuned! š¬
And with that, Krakenās eyeing an IPO in 2026, while Jesse remains on the boardāprobably just to keep the office coffee warm. āļø
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2025-08-03 21:10