With $648 million in quarterly revenue and growing institutional activity, Kraken’s latest results mark its strongest performance to date amid plans for a 2026 public listing.
Kraken has reported a record-breaking $648 million in revenue for Q3 2025, a 114% increase year-over-year, driven by higher trading activity, expanding user adoption, and recent acquisitions. The exchange said it was its strongest financial performance to date, positioning it as one of the most resilient and profitable players in the digital asset sector.
Adjusted EBITDA rose to $178.6 million, while profit margins improved to 27.6%, up nine percentage points from last year — signaling strong operational efficiency and renewed confidence in the exchange’s growth strategy.
Trading Volumes and User Base Surge
Kraken’s total trading volume jumped 106% from a year earlier to $561.9 billion, reflecting both bullish market conditions and broader user participation. Assets on the platform grew 89% to $59.3 billion, and the exchange’s funded accounts reached 5.2 million, up from 4.1 million at the start of the year.
“We are building what legacy financial systems were not designed to achieve,” the company stated, highlighting its mission to bridge traditional and digital finance through innovation and transparency.
Expansion and Acquisitions Fuel Growth
Kraken’s growth in 2025 was supported by strategic acquisitions and product diversification. In July, the exchange launched its derivatives arm in the US, allowing traders access to CME-listed crypto futures for the first time on its platform.
In September, Kraken expanded into proprietary trading by acquiring Breakout, a move that enhanced its market-making capabilities. Around the same time, it also unveiled a tokenized securities platform, offering European investors exposure to tokenized versions of US equities — a first step toward blending traditional markets with blockchain-based assets.
Industry sources indicate Kraken is laying the groundwork for a potential IPO in 2026. According to Fortune, the company raised $500 million at a $15 billion valuation in late September, reinforcing investor confidence in its long-term trajectory.
Analysts say Kraken’s consistent profitability and regulatory compliance record make it a strong candidate to become the next major publicly traded crypto exchange, following Coinbase’s 2021 debut.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.