Original Author: Nancy, PANews
As the crypto financial reporting season arrives, major institutions have submitted their "mid-term report" for 2025. Some achieved profit surges through soaring book asset valuations, while others seek transformation paths amid core business slowdown, with the industry gradually shifting from single income dependence to diversified assets and comprehensive financial services. PANews will review the latest financial performance and strategic trends of representative institutions including Strategy, Tether, Coinbase, Robinhood, Kraken, and Riot Platforms that have publicly disclosed their Q2 financial reports.
Overview of Six Crypto Institutions' Q2 2025 Financial Situation
Strategy: Earning Billions in Net Profit from Bitcoin, Plans to Continue Heavy Acquisition
(The rest of the translation follows the same professional and precise approach, maintaining the specific terminology translations as previously instructed.)This quarter, Kraken achieved revenue of $412 million, with a year-on-year growth of 18%, but a quarter-on-quarter decline from the previous quarter's $472 million. The adjusted EBITDA for this quarter was $80 million, showing a significant drop from $187 million in Q1. In terms of operational data, Kraken has approximately 15 million global customers, with a total trading volume of $186.8 billion in the second quarter, a 10.5% quarter-on-quarter decrease but a 19% year-on-year increase; the number of funded accounts increased to 4.4 million, with a year-on-year growth of 37%; platform-hosted assets reached $43.2 billion, with a year-on-year growth of 47%.
Moving forward, Kraken will continue to accelerate its global business, including obtaining new licenses, expanding local funding channels, upgrading multi-asset experiences, and launching innovative products such as international stocks, tokenized stocks, Kraken debit card, and NinjaTrader development.
Notably, Kraken is seeking to raise $500 million at a valuation of $15 billion and plans to go public in 2026. Insights 4.vc analysis suggests that Kraken, with its top-tier user quality and trading activity, is continuously reducing its dependence on spot trading fees by expanding derivative, stock trading, and payment services, thereby enhancing its risk resistance to market cycles. Moreover, in the context of increasingly strict regulations, Kraken has obtained multiple compliance licenses, giving it significant advantages in compliance, security, and fiat currency entry services. Facing fierce competition from Binance and Coinbase, Kraken has successfully established a "second-tier" brand positioning centered on product diversity and transparent compliance. If the crypto market continues to recover in the next year, Kraken may become another profitable and compliant crypto exchange to go public after Coinbase.
Riot Platforms: Revenue Doubles Year-on-Year, BTC Production Increases by 69%
In the second quarter of 2025, Riot Platforms achieved total revenue of $153 million, more than doubling the $70 million from the same period in 2024, primarily driven by Bitcoin mining, which contributed approximately $141 million in revenue, a year-on-year growth of over 150%. Driven by strong Bitcoin prices and capacity expansion, the company produced 1,426 BTC during the quarter, an increase of about 69% from 844 BTC in the same period last year.
Affected by the April 2024 halving event and continuous global computing power increase, Riot's average Bitcoin mining cost per coin (excluding depreciation) rose to $48,992, a 93% year-on-year increase, but still significantly lower than the average Bitcoin selling price during the same period (around $98,800). However, if Bitcoin prices fall or mining difficulty continues to rise, gross margin may be squeezed, making cost control and computing power efficiency crucial. According to Riot's disclosure, with the increasing demand for high-performance computing (HPC) and AI infrastructure, the company will continue to diversify its power resource applications, gradually transforming from a single Bitcoin mining company to an "infrastructure platform centered on Bitcoin and facing future computing power needs".
In terms of profit performance, Riot recorded a net profit of $219.5 million, far exceeding the negative performance in the same period of 2024, with an adjusted EBITDA of $495.3 million, reflecting its strong cash-generating capacity and high operating leverage.
Additionally, the company continues to maintain a robust balance sheet. As of the end of the second quarter, Riot Platforms held 19,273 BTC (valued at approximately $2.1 billion) and $255.4 million in unrestricted cash, providing ample funding for future expansion, high-performance computing transformation, or market volatility.
