Kraken reported revenue of $648 million for the third quarter of 2025, up 114% year-over-year, in what the company described as its biggest financial results to date.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $178.6 million as profit margins rose nine percentage points to 27.6%, Kraken he said Wednesday.
Total trading volume rose 106% year-on-year to $561.9 billion, while assets on the platform rose 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 stock exchange continues preparations for a potential public listing.
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Kraken is expanding as it prepares to go public
Founded in 2011, Kraken is one of the longest-running 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 subsidiary in the country, offering US traders access to CME-listed cryptocurrency futures and expanding Kraken’s suite of products beyond the spot market.
In September, Kraken entered the proprietary trading sector with the acquisition of Breakout. It also announced a tokenized securities platform, which offers European investors exposure to tokenized representations of US stocks.
“We’re building what legacy financial systems weren’t designed to achieve,” Kraken he said.
On September 26, Fortune reported that Kraken had raised $500 million at a $15 billion valuation, as speculation grows that the company is planning an initial public offering (IPO) sometime in 2026.
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