Kraken has reported its strongest quarter on record, signaling accelerating momentum in its mission to build an open, digital financial system. According to the company’s Q3 2025 financial update, total revenues surged 50% quarter-over-quarter to $648 million, marking a new all-time high. The exchange’s adjusted EBITDA rose 124% to $178.6 million, while margins climbed to 27.6%, reflecting what Kraken described as “innovation paired with discipline.” Total trading volume hit $561.9 billion, up 23% from Q2, and total platform assets grew 34% to $59.3 billion.
100%+ Reserve Ratios for Top Assets
In a show of financial transparency, Kraken disclosed its reserve ratios for leading crypto assets, all exceeding full backing:
- •Bitcoin (BTC): 100.4%
- •Ethereum (ETH): 101.2%
- •Solana (SOL): 100.6%
- •XRP: 100.7%
- •Cardano (ADA): 102.9%
- •USDC & USDT: 105%+
These ratios reaffirm Kraken’s long-standing proof-of-reserves standard, positioning it among the most solvent exchanges in the industry.
Record Growth Driven by xStocks and Derivatives
One of Q3’s biggest breakthroughs came from xStocks, Kraken’s tokenized equities platform developed in partnership with Backed. Launched in July, xStocks now offers 60 tokenized representations of U.S. equities to investors across 160+ countries (excluding the U.S.), bridging traditional markets with DeFi ecosystems. The tokenized stock ecosystem has already surpassed $5 billion in combined volume and $1 billion in on-chain transactions, with over 37,000 unique holders. Liquidity spans across Solana, Ethereum, and TRON, supported by integrations with Bybit, OKX Wallet, Phantom, and Telegram Wallet.
Meanwhile, derivatives trading is expanding rapidly. Following the NinjaTrader acquisition, Kraken reported a 42% increase in daily average revenue trades (DARTs) for futures, reaching 741,000 per day. The exchange also completed its purchase of Small Exchange, securing direct CFTC-regulated market access in the U.S.
Institutional Adoption and Custody Expansion
Kraken has emerged as a major player in institutional custody and staking. The firm became the first major exchange to fully adopt Distributed Validator Technology (DVT) via the SSV Network, decentralizing its Ethereum staking architecture for improved security and resilience. The custody division also reported new partnerships with digital asset treasuries and institutional funds, cementing Kraken’s reputation as a secure infrastructure provider for large-scale crypto holdings.
New Consumer Products and Regional Expansion
Kraken continued expanding retail accessibility through:
- •PayPal-enabled USD deposits, offering instant account funding.
- •Local fiat rails in Argentina and Mexico, strengthening its LatAm footprint.
- •Perpetual futures for retail users, allowing more sophisticated hedging strategies.
Kraken Launch, a token launchpad for early-stage projects aiming to democratize access to new token sales. The exchange’s stablecoin trading volumes remained dominant, with over 60% market share in stable/fiat spot pairs.
Building Toward the Next Era of Digital Finance
Kraken’s Q3 results highlight the growing scalability of its multi-product ecosystem, spanning spot, derivatives, staking, custody, and tokenized assets. “Every product we launch strengthens the next,” the company wrote. “We’re building a compounding system of growth, trust, and liquidity that defines the future of finance.”
With record revenues, expanding institutional adoption, and 100%+ asset backing, Kraken is positioning itself as a global benchmark for transparency and innovation in digital asset finance heading into 2026.