Kraken Sees Revenue Rise 18% in the Second Quarter (1)

Cryptocurrency exchange Kraken said revenue rose in the second quarter while its adjusted earnings declined slightly as it gained market share.

Revenue increased 18% to $412 million from the year-ago period, according to a company statement. Adjusted earnings before items like taxes reached $79.7 million, down about 7% from $85.5 million, as the company invested in new products and geographic expansion.

Kraken’s total quarterly exchange trading volume of $186.8 billion was up 19% year over year. The number of funded accounts on Kraken increased 37%, to 4.4 million.

“We are not just riding the cycle, we are absorbing more share,” ...