Kraken reported $648 million in revenue for the third quarter of 2025, an 114% increase from the same period a year earlier. The company described this as its strongest financial performance to date.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $178.6 million, with profit margins widening by nine percentage points to 27.6%, Kraken announced on Wednesday.
Total trading volume saw a year-over-year increase of 106%, reaching $561.9 billion. Assets on the platform grew by 89% to $59.3 billion. Kraken's user base also expanded, with 5.2 million funded accounts by the end of the quarter.
These results follow a series of acquisitions by Kraken in 2025 and come as the exchange continues preparations for a potential public listing.
Kraken Expands Operations Amid Public Listing Preparations
Founded in 2011, Kraken is one of the longest-operating crypto exchanges in the United States. The company appears to be prioritizing growth through acquisitions and new product launches, especially as regulatory clarity in the US improves.
In July, the exchange launched its derivatives arm in the United States, providing US traders with access to CME-listed cryptocurrency futures and expanding Kraken’s product offerings beyond spot markets.
In September, Kraken entered the proprietary trading sector with the acquisition of Breakout. Additionally, the exchange 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 stated.
On September 26, it was reported that Kraken raised $500 million at a $15 billion valuation. This funding round has fueled speculation that the company is planning for an initial public offering (IPO) sometime in 2026.