Kraken reported a remarkable $648 million in revenue for Q3 2025, marking a 114% increase year-over-year and representing its strongest financial quarter in history. The exchange’s adjusted EBITDA grew to $178.6 million, with profit margins expanding to 27.6%. Trading volume soared 106% to $561.9 billion, while assets on the platform jumped 89% to $59.3 billion. User growth was robust, with 5.2 million funded accounts active by quarter’s end.
This surge follows Kraken’s strategic acquisitions and product expansions throughout 2025 amid a clearer regulatory landscape in the US. Highlights include launching its US-based derivatives platform with CME-listed cryptocurrency futures and entering proprietary trading through its acquisition of Breakout. Additionally, Kraken unveiled a tokenized securities platform for European investors to access US stock tokens.
These moves underpin Kraken’s broader vision to transform financial infrastructure and come as the company reportedly secured $500 million in funding at a $15 billion valuation. Market speculation now points toward the exchange aiming for an IPO in 2026, signaling Kraken’s emergence as a dominant, publicly-listed crypto player.
Read more: https://cointelegraph.com/news/kraken-revenue-jumps-q3-expansion-ipo-plans