Robinhood crypto income is up 98% while Kraken had sharp QoQ decline
Robinhood and Kraken have each reported sturdy year-over-year (YoY) beneficial properties of their crypto-related metrics, at the same time as quarter-over-quarter (QoQ) outcomes present indicators of strain.
On July 30, the 2 buying and selling platforms launched their Q2 2025 earnings, highlighting progress in person 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) improve.
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 improve.
The sturdy efficiency follows a 32% bounce in crypto buying and selling quantity, which hit $28 billion in the course of 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 publish 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% improve YoY. This aligns with an 11% QoQ drop in alternate quantity to $186.8 billion, although YoY quantity rose 19%.
Regardless of the income dip, Kraken noticed notable person progress. Funded accounts grew 12% QoQ and 37% YoY to 4.4 million.
This uptick helped drive whole belongings on the platform to $43.2 billion, up from $34.9 billion the earlier quarter. Notably, Kraken stated its proof-of-reserve reveals that its purchasers’ belongings are absolutely backed on the platform.
Arjun Sethi, Kraken co-CEO, stated:
“The June 2025 report reveals each in-scope asset backed by greater than 100% of consumer liabilities. For bitcoin and stablecoins, the cushion is even larger. These aren’t minimal thresholds. They’re intentional decisions that replicate 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 robust demand.
On the regulatory entrance, Kraken turned the primary crypto alternate licensed by the Central Financial institution of Eire below MiCA, opening entry to 30 European markets. It additionally secured a Restricted Supplier license in Canada, strengthening its compliance footprint.
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