Robinhood reported a robust second quarter for 2025, driven largely by a surge in crypto activity and product diversification.
Transaction-based revenues, which include equities, options, and crypto, climbed 65% to $539 million. Of this, crypto alone contributed $160 million, a staggering 98% YoY increase.
The strong performance follows a 32% jump in crypto trading volume, which hit $28 billion during the quarter.
Robinhood’s momentum in the digital asset space is backed by ongoing expansion efforts.
In June, the firm introduced tokenized equities for European users, granting access to over 200 tokenized versions of US stocks. It also revealed plans to launch a Layer 2 protocol on Arbitrum, signaling deeper engagement with the Ethereum ecosystem.
These strategic moves highlight Robinhood’s intent to capture more crypto volume and lead innovation in tokenized financial instruments.
Despite the revenue dip, Kraken saw notable user growth. Funded accounts grew 12% QoQ and 37% YoY to 4.4 million.
This uptick helped drive total assets on the platform to $43.2 billion, up from $34.9 billion the previous quarter. Notably, Kraken said its proof-of-reserve shows that its clients’ assets are fully backed on the platform.
Arjun Sethi, Kraken co-CEO, said:
“The June 2025 report shows every in-scope asset backed by more than 100 percent of client liabilities. For bitcoin and stablecoins, the cushion is even higher. These are not minimum thresholds. They are intentional choices that reflect how we think about risk, responsibility, and trust.”
Meanwhile, Kraken also expanded its market share in spot trading, especially in stablecoin-to-fiat pairs. Its share of stable-fiat spot volume rose from 43% to 68%, thanks to product enhancements and strong demand.
On the regulatory front, Kraken became the first crypto exchange authorized by the Central Bank of Ireland under MiCA, opening access to 30 European markets. It also secured a Restricted Dealer license in Canada, strengthening its compliance footprint.
