Kraken reported a staggering $648 million in revenue for Q3 2025, marking a 114% increase compared to the same period last year. This marks the company’s strongest financial quarter yet, driven by a surge in trading activity, user growth, and key acquisitions. Adjusted EBITDA climbed to $178.6 million, with profit margins expanding by nine percentage points to 27.6%. The exchange’s total trading volume jumped 106% year-over-year to $561.9 billion, while assets held on its platform grew 89% to $59.3 billion. User accounts with deposited funds rose to 5.2 million by the close of the quarter.
These impressive results come as Kraken accelerates its growth strategy through acquisitions and product diversification amid clearer regulatory conditions in the U.S. In July, Kraken launched a derivatives platform offering access to CME-listed crypto futures for U.S. traders. September saw the acquisition of proprietary trading firm Breakout, alongside an announcement for a tokenized securities platform targeting European investors.
With a recent $500 million funding round valuing the company at $15 billion, speculation mounts about Kraken’s plans to go public in 2026. CEO statements emphasize building a financial system that transcends traditional limitations.
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