Kraken reported $648 million in revenue for the third quarter of 2025, up 114% from a year earlier, which the company described as its strongest financial performance to date.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $178.6 million as profit margins widened nine percentage points to 27.6%, Kraken said Wednesday.
Total trading volume increased 106% year over year to $561.9 billion, while assets on the platform grew 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 expands as it prepares to go public
Founded in 2011, Kraken is one of the longest-operating crypto exchanges in the United States, and appears to be focusing on growth through acquisitions and new product launches amid improved regulatory clarity in the US.
In July, the exchange launched its derivatives arm in the country, offering US traders access to CME-listed cryptocurrency futures and expanding Kraken’s product suite beyond spot markets.
In September, Kraken entered the proprietary trading sector with the acquisition of Breakout. It also announced a tokenized securities platform, offering European investors exposure to tokenized representations of US stocks.
“We are building what legacy financial systems were not designed to achieve,” Kraken said.
On Sept. 26, Fortune reported that Kraken raised $500 million at a $15 billion valuation, as speculation grows that the company is planning for an initial public offering (IPO) sometime in 2026.
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