Robinhood and Kraken have each reported robust year-over-year (YoY) beneficial properties of their crypto-related metrics, whilst quarter-over-quarter (QoQ) outcomes present indicators of strain.
On July 30, the 2 buying and selling platforms launched their Q2 2025 earnings, highlighting development in consumer exercise, asset quantity, and strategic product rollouts amid broader market volatility.
Robinhood’s crypto income surge
Robinhood reported a strong second quarter for 2025, pushed largely by a surge in crypto exercise and product diversification.
In accordance with its earnings presentation, the platform’s whole internet income reached $989 million, marking a forty five% year-over-year (YoY) enhance.
Transaction-based revenues, which embody equities, choices, and crypto, climbed 65% to $539 million. Of this, crypto alone contributed $160 million, a staggering 98% YoY enhance.
The robust efficiency follows a 32% bounce in crypto buying and selling quantity, which hit $28 billion throughout the quarter.
Robinhood’s momentum within the digital asset house is backed by ongoing enlargement efforts.
In June, the agency launched tokenized equities for European customers, granting entry to over 200 tokenized variations of US shares. It additionally revealed plans to launch a Layer 2 protocol on Arbitrum, signaling deeper engagement with the Ethereum ecosystem.
These strategic strikes spotlight Robinhood’s intent to seize extra crypto quantity and lead innovation in tokenized monetary devices.
Kraken put up blended outcomes
Kraken, one other main participant within the US crypto buying and selling panorama, posted $411.6 million in Q2 2025 income, a 13% decline quarter-over-quarter (QoQ), but an 18% enhance YoY. This aligns with an 11% QoQ drop in change quantity to $186.8 billion, although YoY quantity rose 19%.
Regardless of the income dip, Kraken noticed notable consumer development. Funded accounts grew 12% QoQ and 37% YoY to 4.4 million.
This uptick helped drive whole property on the platform to $43.2 billion, up from $34.9 billion the earlier quarter. Notably, Kraken stated its proof-of-reserve exhibits that its purchasers’ property are totally backed on the platform.
Arjun Sethi, Kraken co-CEO, stated:
“The June 2025 report exhibits each in-scope asset backed by greater than one hundred pc of shopper liabilities. For bitcoin and stablecoins, the cushion is even greater. These usually are not minimal thresholds. They’re intentional decisions that mirror how we take into consideration threat, duty, and belief.”
In the meantime, Kraken additionally expanded its market share in spot buying and selling, particularly in stablecoin-to-fiat pairs. Its share of stable-fiat spot quantity rose from 43% to 68%, due to product enhancements and powerful demand.
On the regulatory entrance, Kraken turned the primary crypto change licensed by the Central Financial institution of Eire underneath MiCA, opening entry to 30 European markets. It additionally secured a Restricted Vendor license in Canada, strengthening its compliance footprint.
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