Strong quarterly results and rising trading activity position Kraken for one of crypto’s most anticipated public listings.
Crypto exchange Kraken has reported a sharp jump in revenue and profitability for the third quarter of 2025, reinforcing market expectations that the company is on track to go public next year. The exchange’s financial momentum comes amid renewed investor interest in digital assets and a rebound in global trading volumes.
According to company figures, Kraken’s revenue soared to $648 million in Q3 — a 114% increase compared with the same period last year. The company’s adjusted earnings before taxes and other items reached $178.6 million, marking a 124% rise quarter-over-quarter, while total trading volume grew 23% to $561.9 billion.
“These results highlight the strength of our business model and the growing demand for regulated, transparent crypto markets,” a Kraken spokesperson said in a statement shared with media.
IPO Momentum Builds as Market Recovers
The performance adds momentum to Kraken’s long-discussed initial public offering (IPO) plans. The San Francisco–based company, legally known as Payward Inc., recently secured $500 million in new funding, valuing the firm at $15 billion.
Market observers say Kraken’s results demonstrate sustained institutional demand and retail re-engagement following the crypto winter of 2022–2023. Analysts point out that the firm’s strong financial performance could attract traditional investors looking for exposure to digital asset infrastructure through public markets.
“Kraken is showing what a mature crypto exchange looks like — diversified revenues, stable margins, and consistent user growth,” said Ethan Zhao, a digital asset strategist at Quantum Markets. “Its IPO could be a bellwether for how Wall Street values crypto’s next growth phase.”
Rising Competition Among U.S. Exchanges
Kraken’s results arrive ahead of Coinbase’s upcoming Q3 earnings report on Oct. 30. Analysts expect Coinbase to post around 50% revenue growth, signaling a broader rebound across the sector. Other exchanges, including Gemini and Bullish, are also exploring potential listings, as regulatory clarity improves under the new U.S. digital asset framework.
Industry experts believe that a Kraken IPO would mark a turning point in crypto’s integration with traditional finance. The firm’s consistent profitability and global reach — serving over 200 countries — may give it an advantage over peers still recovering from market downturns.
“Going public would give Kraken access to deeper capital markets and boost investor confidence across the industry,” Zhao added.
Kraken’s triple-digit revenue growth, strong profitability, and expanding trading volume underscore a powerful recovery for one of the industry’s oldest exchanges. As the company gears up for a possible 2026 IPO, its performance signals that institutional trust in crypto is rebuilding — and that regulated exchanges could be leading the next market cycle.
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.