Ahead of one of the most anticipated initial public offerings (IPOs) in the digital asset sector, US-based crypto exchange Kraken has reported record revenue for the third quarter (Q3) of the year.
New Kraken Exchange Milestones
In a statement released on Wednesday, Kraken revealed that its Q3 2025 revenues (net of trading costs) reached $648.0 million, marking a 50% increase quarter-over-quarter and setting a new all-time high for the company.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) soared to $178.6 million, a 124% increase compared to the previous quarter, with margins rising by nine points to 27.6%.
Total platform transaction volume climbed to $561.9 billion, up 23% from the previous quarter of the year, while assets on the platform grew by 34% to $59.3 billion. Kraken’s community continues to expand, with 5.2 million funded accounts reported at the end of the quarter.
These results come as Kraken prepares for its initial public offering potentially for next year. The company disclosed last month that it is in advanced discussions with a strategic investor to secure new funding at a revised valuation of approximately $20 billion.
A number of crypto firms, including, Gemini Space Station (GEMI), and Figure Technology Solutions (FIGR), are pursuing US market debuts this year, buoyed by a more favorable regulatory environment under the pro-crypto Trump administration.
Such regulatory developments led to the Nasdaq debuts of stablecoin issuer Circle (CRCL) and Peter Thiel-backed crypto exchange Bullish (BLSH) this year. Initial excitement surrounding their launches led to a considerable surge in their respective stocks.
Acquisition Strategy Pays Off
Kraken’s success is also supported by several acquisitions announced this year. Following the acquisition of NinjaTrader, Kraken has been expanding its derivatives offerings, with futures daily average revenue trades (DARTs) reaching 741,000 in Q3, a 42% increase from the previous quarter.
Last week, Kraken also acquired Small Exchange, a CFTC-regulated Designated Contract Market (DCM), which enhances its direct market-access infrastructure in the US,
Looking ahead, Kraken emphasized that its Q3 2025 results not only reflect strong financial performance but also the company’s commitment to shaping systems that will define the future of finance. “We are building what legacy financial systems were not designed to achieve,” the statement noted.
Our goal is to connect our infrastructure into a single digital network where capital moves seamlessly across asset classes, time zones, and use cases. This system will enable clients to invest and trade anything, anywhere—instantly and securely, without friction or fragmentation. This is more than an evolution; it’s the foundation of a new global operating system built for openness, speed, and scale.
