Kraken, a cryptocurrency exchange, reported its strongest financial results ever for the third quarter of 2025. The exchange posted $648 million in revenue, up 50% from the previous quarter and 114% from a year earlier. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to $178.6 million, reflecting a 124% quarterly increase and a nine-point margin expansion to 27.6%.
Total platform trading volume surged to $561.9 billion in the quarter, marking a 23% increase quarter-over-quarter and more than doubling from last year. Assets held on the platform rose to $59.3 billion, up 34% from Q2, while Kraken’s customer base reached 5.2 million funded accounts by the end of September. These metrics underscore not only Kraken’s market strength but also the scalability of its multi-product platform amid an evolving regulatory and economic environment.
Accelerating growth through innovation and acquisitions
Kraken accelerated its expansion throughout the quarter, enhancing its platform and diversifying products across markets. Following its acquisition of NinjaTrader earlier in 2025, the company deepened its presence in derivatives by purchasing Small Exchange, a CFTC-regulated Designated Contract Market (DCM). This acquisition gives Kraken direct U.S. market-access infrastructure, reinforcing its goal to provide a comprehensive suite of domestically regulated derivatives.
In September, Kraken expanded its reach into proprietary trading with the acquisition of Breakout, a platform that enables traders to deploy capital and earn profits by executing successful strategies. It also acquired Capitalise.ai, bringing no-code trading automation technology to Kraken Pro, simplifying complex strategy creation for professional and retail traders alike.
Launch of xStocks and tokenized equities
Among Kraken’s most notable product launches this quarter was xStocks, introduced in partnership with Backed. The feature allows clients outside the U.S. to invest in tokenized representations of 60 U.S. equities. Since its July launch, xStocks has surpassed $5 billion in combined centralized and decentralized exchange trading volume, generated over $1 billion in on-chain transactions, and reached more than 37,000 unique holders.
The platform’s design is blockchain-neutral and platform-agnostic, ensuring tokenized equities can move freely across multiple blockchain ecosystems including Ethereum, Solana, and TRON. By fusing institutional-grade compliance standards with decentralized finance (DeFi) interoperability, Kraken aims to bridge traditional equities and the digital asset economy.
Serving professionals, institutions, and consumers
Kraken expanded its derivatives portfolio to include CME-listed crypto futures tied to Bitcoin, Ether, and Solana for U.S. clients, providing a regulated environment for professional traders to hedge and diversify portfolios. For institutions, Kraken continued scaling its qualified custody and trading services, cementing its reputation as a trusted partner for secure digital asset management.
The company also achieved a milestone in decentralization by adopting distributed validator technology (DVT) across its Ethereum staking infrastructure via the SSV Network. This move represents a significant step toward more resilient and decentralized staking.
For everyday users, Kraken continued broadening access through new funding options in Argentina and Mexico, PayPal-enabled USD deposits, and the launch of Kraken Launch, a token launchpad connecting investors with emerging blockchain projects.
Reinforcing transparency with Proof of Reserves
Kraken completed its latest Proof of Reserves audit as of September 30, 2025, enabling clients to verify, through on-chain validation and third-party audits, that their funds are fully backed. The exchange remains one of the few in the industry to conduct regular, verifiable Proof of Reserves audits, demonstrating continued commitment to transparency and trust.
Preparing for a potential public offering
Underpinning these results are Kraken’s broader ambitions for long-term growth. In late September, Fortune reported that Kraken raised $500 million at a $15 billion valuation, fueling speculation that the company is preparing for an initial public offering (IPO) as early as 2026.
Founded in 2011, Kraken continues to position itself as a cornerstone of the digital asset economy, expanding globally while embedding compliance and innovation into every layer of its business.
As the company stated in its quarterly update:
“We are building what legacy financial systems were not designed to achieve—a unified, open, and secure financial network where capital moves seamlessly across asset classes, time zones, and use cases.”
With record-breaking performance and a growing ecosystem of products, Kraken’s Q3 2025 results indicate not only profitability but also a clear vision for what could become one of the first major U.S. crypto exchanges to go public in the next wave of financial evolution.
Kristian Koch
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