Kraken posted $648 million in revenue for the third quarter of 2025, marking a 114% increase year-over-year. The exchange described the performance as its strongest financial quarter to date amid ongoing preparations for a potential public listing.
Adjusted EBITDA climbed to $178.6 million as profit margins expanded nine percentage points to reach 27.6%, according to Wednesday's announcement. Total trading volume surged 106% compared to the previous year, hitting $561.9 billion for the quarter.
Platform assets grew 89% to $59.3 billion while the user base expanded to 5.2 million funded accounts by quarter-end. The results follow multiple acquisitions throughout 2025 as the exchange pursues growth opportunities.
Kraken's Strategic Growth Initiatives
Founded in 2011, Kraken ranks among the longest-operating crypto exchanges in the United States. The company appears focused on expansion through acquisitions and product launches amid improved regulatory clarity domestically.
The exchange launched its derivatives arm in July, providing U.S. traders access to CME-listed cryptocurrency futures. This move expanded Kraken's product suite beyond spot markets into regulated futures trading.
September brought entry into proprietary trading through the Breakout acquisition. Kraken also unveiled a tokenized securities platform offering European investors exposure to tokenized representations of U.S. stocks.
Leadership and Future Outlook
Former chief legal officer Marco Santori now serves as CEO following the company's transformation into a Solana-focused treasury operation. Management stated they're building infrastructure that legacy financial systems weren't designed to achieve.
Fortune reported in September that Kraken raised $500 million at a $15 billion valuation. Speculation continues to grow around the company planning an IPO sometime in 2026 as it strengthens its financial position and expands operations.

