Kraken Q3 2025: financial highlights

Throughout the quarter, Kraken accelerated that momentum – introducing new product categories, enhancing client experiences and expanding platform-wide capabilities to strengthen our full product ￰0￱ results demonstrate the scalability of our multi-product platform and the resilience of our model in a fast-changing ￰1￱ pairing innovation with discipline, we continue to lay the foundation for an open, secure and globally connected financial system. Q3 financial performance Kraken achieved strong performance across multiple financial and operational metrics. Q3 2025 revenues (net of trading costs) rose to $648.0 million , increasing 50% quarter-over-quarter and setting a new all-time record for the ￰2￱ growth was broad-based across nearly all products, underscoring the depth and breadth of our ￰3￱ EBITDA reached $178.6 million , increasing 124% quarter-over-quarter, as margins increased 9 points to 27.6%, reflecting disciplined cost management while continuing to invest in growth and ￰4￱ platform transaction volume climbed to $561.9 billion , increasing 23% quarter-over-quarter, while assets on platform grew 34% for the same period to $59.3 billion .

Kraken’s community continues to expand with 5.2 million funded accounts as of quarter ￰5￱ the NinjaTrader acquisition earlier this year, we continue to invest in and expand our derivatives ￰6￱ have seen strong growth across our platform with futures daily average revenue trades (DARTs) reaching 741,000 in Q3, increasing 42% ￰7￱ week’s acquisition of Small Exchange , a CFTC-regulated Designated Contract Market (DCM), provides us with direct market-access infrastructure in the ￰8￱ establishes a foundation to strengthen our U. S.-native derivatives product ￰9￱ innovation At Kraken, innovation doesn’t happen in isolation – it builds on ￰10￱ product we launch strengthens the next, creating a compounding system of growth, trust and ￰11￱ continue to execute and deploy at pace, and Q3 evidenced that momentum as we unlocked new products for professional traders, institutions and ￰12￱ out xStocks Kraken pioneered a new category of investing with the introduction of tokenized ￰13￱ July, we launched xStocks in partnership with Backed, offering 60 tokenized representations of ￰14￱ to clients in more than 160 countries (excluding the U.

S.). This innovation gives ￰15￱ new ways to gain exposure to traditional equities through digital assets that can trade permissionlessly, around the clock and across multiple ￰16￱ the outset, xStocks was built to be blockchain-neutral and platform-agnostic , ensuring liquidity isn’t trapped in silos or walled gardens. Instead, it flows freely across numerous DeFi protocols on Solana, Ethereum and ￰17￱ grounding tokenized equities in regulated infrastructure while enabling seamless onchain movement, our goal is to bridge institutional-grade compliance with DeFi-native ￰18￱ xStocks alliance has grown to include Bybit, Phantom, OKX Wallet and Wallet in Telegram , among ￰19￱ date, xStocks has surpassed $5 billion in combined CEX and DEX volume , generated over $1 billion in on-chain transactions and reached more than 37,000 unique ￰20￱ Kraken, xStocks are available to ￰21￱ through both the Kraken Consumer App and Kraken ￰22￱ September , we expanded availability to the EU , where early adoption has been very ￰23￱ professional traders Kraken continues to redefine professional trading through new products and intelligent automation: Launch of ￰24￱ derivatives : Kraken now offers CME-listed futures tied to major cryptocurrencies like Bitcoin, Ether and Solana , with diverse maturity dates and competitive pricing of just 0.5 basis ￰25￱ enables clients to trade a comprehensive suite of crypto futures alongside Kraken’s leading spot markets, all within a regulated and high-performance ￰26￱ of Capitalise.

ai: Brings no-code automation to Kraken Pro, enabling traders of all experience levels to design, test and automate strategies in plain ￰27￱ of Breakout : Expands our prop trading capabilities and provides skilled traders with the opportunity to earn payments for successfully deploying strategies at ￰28￱ enables qualified users to access up to $200,000 in notional capital and retain up to 90% of profits , directly within Kraken ￰29￱ institutional products Kraken continues to significantly scale up its qualified custody offering and has become a trusted partner for institutions seeking secure, compliant access to digital ￰30￱ quarter, Kraken was selected for custody and trading by a number of digital asset treasury companies , affirming our leadership in security and ￰31￱ a landmark move, Kraken became the first major exchange to fully adopt distributed validator technology (DVT) across its Ethereum staking infrastructure via the SSV Network ￰32￱ transition represents a major leap forward in decentralization and validator resilience , reinforcing our commitment to a more open, secure financial ￰33￱ access for consumers From retail traders to first-time crypto users, Kraken continues to expand access to the new financial frontier: Perpetual futures for consumers : Bringing sophisticated trading instruments to a broader audience who want to align their strategies with how they believe market pricing will move in the ￰34￱ local funding rails : Added local deposit options in Argentina and Mexico , enabling smoother fiat onramps for users in two of the region’s most active crypto markets.

PayPal-enabled USD deposits : Instead of typing in bank credentials, clients can fund their Kraken account instantly using the same PayPal account they use to make ￰35￱ Launch : A new token launchpad that empowers clients to access early-stage projects. We’re building scalable infrastructure that democratizes token sales and unites communities with builders for the next generation of ￰36￱ for stablecoin growth: The passage of the GENIUS Act further strengthens the regulatory foundation for stablecoins – a catalyst for even more stablecoin ￰37￱ maintained our strong position in stablecoins, with our share of stable/fiat spot volumes well above 60% throughout the ￰38￱ through Proof of Reserves Today, we also announced the completion of our latest Proof of Reserves for supported cryptocurrencies custodied securely by Kraken as of September 30, 2025: Every quarter, Kraken clients can confirm their assets are fully backed ￰39￱ can verify that their account balance was included in the Proof of Reserves report, independently validated by Kraken’s third-party accountancy ￰40￱ pioneered the practice of regular Proof of Reserves – well before it became an industry expectation – and we remain one of the few platforms to perform this process.

A look ahead Q3 2025 results underscore Kraken’s speed of execution – not just in financial performance, but in shaping the systems that we believe will define the next era of ￰41￱ are building what legacy financial systems were not designed to achieve; we are connecting our infrastructure into a single digital network where capital moves seamlessly across asset classes, time zones and use cases. A system that allows clients to invest and trade anything, anywhere — instantly and securely, without friction or ￰42￱ is more than an evolution; it’s the foundation of a new global operating system built for openness, speed and scale. Non-GAAP metrics Revenue and Adjusted EBITDA are non-GAAP financial measures used by Management internally to understand, manage, and evaluate the business and make operating ￰43￱ believe these measures provide additional insight into our operational performance and help facilitate comparisons for the period ￰44￱ is derived by subtracting GAAP trading costs, net from total GAAP gross revenues and allows for greater comparability to peer ￰45￱ is earnings before interest, taxes, depreciation and ￰46￱ EBITDA excludes irregular, non-recurring, and/or discretionary expenses and is intended to provide a clearer view of the company’s core ￰47￱ metrics include NinjaTrader starting from May 1, 2025 ￰48￱ periods have been revised to conform to current period ￰49￱ information provided in this communication is for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell any token, security or financial ￰50￱ is not intended as, and shall not be relied upon as, investment, financial, legal, or tax ￰51￱ performance is not necessarily indicative of future ￰52￱ metrics Total platform transaction volume : Total platform transaction volume represents the aggregate notional value, expressed in ￰53￱ terms, of all transactions executed across the Company’s platforms during the period ￰54￱ includes transaction activity in Spot, Margin, Consumer, OTC Spot, Equities, xStocks, Krak, Earn and Funding (across all platforms).

Assets on Platform (end of period) : Total assets on platform represents the aggregate value, expressed in ￰55￱ terms, of assets held by the Company’s customers across all products and asset types, including crypto assets, equities and fiat currencies, measured as of the last day of the fiscal ￰56￱ metric includes assets held on the Company’s platforms as well as assets held through affiliated platforms, including ￰57￱ accounts (end of period) : Total funded accounts represents the total number of distinct customer accounts across the Company’s platforms and products that maintained a balance greater than zero as of the last day of the fiscal quarter.

Sub-accounts are counted as separate accounts for purposes of this ￰58￱ funded accounts includes accounts held through affiliated platforms, including ￰59￱ DARTs : Futures DARTs represents daily average revenue trades across TradFi futures and perpetual crypto futures, calculated as: total number of futures trades/trading ￰60￱ Days : Trading days are calculated as the total number of calendar days in the quarter.