Kraken Q2 revenue $410 million…up 18% YoY

JOON HYOUNG LEE

Summary

Kraken announced that its revenue for this year's second quarter was $412 million, up 18% compared to the same period last year.
Second quarter trading volume reached $186.8 billion, up 19%, while the number of funded accounts increased 37% to 4.4 million.
Kraken is aiming for an IPO in the first quarter of next year, with a target company valuation of $15 billion.

In the second quarter of this year, the U.S. cryptocurrency exchange Kraken saw its revenue increase by 18% compared to a year ago.

According to Bloomberg and other foreign media on the 30th (local time), Kraken announced that its revenue for the second quarter of this year was recorded at $412 million. This represents an increase of 18% compared to the same period last year. Adjusted operating profit, excluding items such as taxes, was $79.7 million, down 7% from a year ago. Bloomberg reported that “it was due to investment in new product development and expansion into overseas markets.”

Trading volume for the second quarter was $186.8 billion, up 19% YoY. The number of accounts with funds deposited reached 4.4 million as of Q2, a 37% increase from a year earlier. Arjun Sethi, Kraken’s co-CEO, said, “We are broadly expanding our market share.”

Meanwhile, Kraken is pushing for an initial public offering (IPO) with a target of the first quarter next year. Kraken's target company valuation is $15 billion.

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