Kraken Achieves Record $648M Revenue In Q3

Kraken Posts Record $648M Revenue In Q3 2025

Leading cryptocurrency exchange Kraken has announced stellar financial results for the third quarter of 2025, reporting a record-breaking revenue of $648 million. This impressive figure represents a significant 50% increase quarter-over-quarter (QoQ) and a substantial 114% surge year-over-year (YoY), solidifying Kraken's strong position in the evolving digital asset market.

Financial And Operational Highlights

Kraken's Q3 report showcased not just top-line revenue growth but also robust performance across various financial and operational metrics. The company's Adjusted EBITDA reached $178.6 million, skyrocketing by 124% QoQ. EBITDA margins also saw a significant improvement, expanding by 9 percentage points to 27.6%, reflecting disciplined cost management alongside continuous investment in product development.

Total platform transaction volume climbed to $561.9 billion, marking a 23% QoQ increase. Concurrently, assets on the platform grew by 34% to $59.3 billion. Kraken's funded account base reached 5.2 million by quarter-end, up from 4.6 million in Q2 2025 and 3.5 million in Q3 2024, indicating a continued expansion of its user community.

Growth Drivers: Product Expansion And Strategic Moves

Kraken's exceptional Q3 growth was fueled by a series of product expansion initiatives and strategic acquisitions:

xStocks (Tokenized Equities): Kraken significantly expanded its product offerings with the introduction of xStocks – tokenized equities – in partnership with Backed. Launched in July, this product offers 60 tokenized U.S. stocks to clients in over 160 countries (excluding the United States), trading around the clock across Solana, Ethereum, and Tron blockchains. xStocks has surpassed $5 billion in combined centralized and decentralized exchange (CEX and DEX) volume since launch, with over $1 billion in on-chain transactions and more than 37,000 unique holders. In September, Kraken extended xStocks availability to the European Union.

Strong Derivatives Business: Kraken's derivatives business showed strong momentum following the NinjaTrader acquisition earlier this year. Futures daily average revenue trades (DARTs) reached 741,000 in Q3, increasing 42% QoQ. The exchange also launched CME-listed futures tied to Bitcoin, Ethereum, and Solana. The acquisition of Small Exchange, a CFTC-regulated Designated Contract Market (DCM), further enhances direct market-access infrastructure in the U.S. and establishes a foundation for expanding domestic derivatives products.

Kraken Launch And Other Initiatives: Kraken also announced Kraken Launch, a token launchpad designed to democratize access to early-stage projects. The exchange maintained a strong position in stablecoin trading, with its share of stable/fiat spot volumes exceeding 60% throughout the quarter.

Future Outlook And IPO Plans

These impressive financial results come as Kraken gears up for a public U.S. listing (IPO) next year. The company has reportedly been in advanced talks with a strategic investor to raise new funding at an upwardly revised valuation of approximately $20 billion. Kraken's strong performance is expected to significantly bolster its IPO plans, especially amidst a clearer and friendlier regulatory environment under the pro-crypto Trump administration.

Conclusion

Q3 2025 was a landmark quarter for Kraken, delivering record revenues and profitability, underpinned by bold product expansion and strategic acquisitions. As Kraken continues to evolve its offerings and prepares for an anticipated IPO, the exchange is solidifying its position as a key player in the global cryptocurrency ecosystem, driving the transition towards a more open and digital financial system.

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