Kraken Posts Record Revenue in Q3 Amid Expansion, IPO Buzz

Kraken reported revenue of $648 million for the third quarter of 2025, up 114% year-over-year, marking its strongest financial performance to date.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $178.6 million as profit margins rose nine percentage points to 27.6%, Kraken he said Wednesday.

Total trading volume rose 106% year-on-year to $561.9 billion, while assets on the platform rose 89% to $59.3 billion. Kraken’s user base also expanded, reaching 5.2 million funded accounts by the end of the quarter.

The results follow a series of acquisitions by Kraken in 2025 and come as the exchange continues preparations for a potential public listing.

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Kraken is expanding as it prepares to go public

Founded in 2011, Kraken is one of the longest-running crypto exchanges in the United States and appears to be focused on growth through acquisitions and new product launches amid better regulation in the US.

Exchange in July launched its derivatives branch in the countrywhich offers US traders access to CME-listed cryptocurrency futures and expands Kraken’s product offerings beyond the spot markets.

In September, Kraken entered its own business sector with Breakout acquisition. It also announced a tokenized securities platform that offers European investors exposure to tokenized representations of U.S. stocks.

“We’re building what old financial systems weren’t designed to do,” Kraken he said.

Fortune reported on September 26 Kraken raised $500 million valued at $15 billion, as speculation mounts that the company is planning an initial public offering (IPO) sometime in 2026.

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