Kraken reports $648M in Q3 revenue, up 114% year-over-year and 50% from Q2

Kraken reported $648 million in Q3 revenue, up 114% year-over-year and 50% quarter-over-quarter, according to the company’s earnings report released on Wednesday after the ￰0￱ EBITDA hit $178.6 million, up 124% from last quarter, with margins rising to 27.6%. That’s a 9-point ￰1￱ said it achieved this while keeping costs tight and still pushing growth across every corner of the ￰2￱ platform transaction volume hit $561.9 billion, a 23% increase, while assets on platform jumped 34% to $59.3 ￰3￱ exchange said it closed the quarter with 5.2 million funded accounts, continuing to build what it calls “a global community of active traders.” Kraken pushes deeper into derivatives and tokenized stocks After buying NinjaTrader earlier this year, Kraken went harder on ￰4￱ clocked 741,000 futures DARTs (daily average revenue trades) in Q3, 42% more than ￰5￱ deal gave Kraken more muscle in the segment, but it didn’t stop ￰6￱ week, it bought Small Exchange, a CFTC-licensed Designated Contract Market, giving it direct market access in the ￰7￱ acquisition lays the groundwork for its U.

S.-native futures ￰8￱ July, Kraken launched a new product called xStocks in partnership with ￰9￱ gives ￰10￱ access to 60 tokenized ￰11￱ can be traded anytime, from anywhere, across multiple chains; Solana, Ethereum, and ￰12￱ built the product to avoid platform ￰13￱ flows across ￰14￱ company says the goal is to combine DeFi mechanics with regulated ￰15￱ xStocks network now includes Bybit, Phantom, OKX Wallet, and Wallet in ￰16￱ said xStocks already hit $5 billion in combined volume on CEXs and DEXs, with $1 billion in on-chain transactions and over 37,000 ￰17￱ can trade xStocks through Kraken Pro or the Kraken Consumer ￰18￱ September, Kraken opened access to EU-based clients, where usage reportedly ramped ￰19￱ rolls out pro tools and expands access Kraken launched CME-listed futures tied to Bitcoin, Ether, and Solana, with 0.5 basis point ￰20￱ let users trade regulated crypto futures alongside their spot ￰21￱ also acquired Capitalise.

ai, a no-code automation ￰22￱ it, traders can build and run strategies using plain ￰23￱ acquisition, Breakout, gives advanced users access to $200,000 in notional capital and 90% profit retention through Kraken ￰24￱ firm boosted institutional products ￰25￱ was chosen by several digital asset treasury firms for custody and trading this ￰26￱ also became the first major exchange to fully deploy distributed validator technology (DVT) across its Ethereum staking setup, using the SSV Network ￰27￱ said this strengthens the decentralization of its validator ￰28￱ users saw changes ￰29￱ added local deposit options in Argentina and Mexico, and rolled out PayPal support for USD ￰30￱ also launched Kraken Launch, a platform for new token ￰31￱ tool gives users early access to tokens and helps connect developers with ￰32￱ also maintained a 60%+ share of stablecoin/fiat spot trading volume in ￰33￱ number held steady as the GENIUS Act passed, giving stablecoins more regulatory ￰34￱ of September 30, 2025, Kraken completed another Proof of Reserves ￰35￱ can now check their balances were included, with independent validation by a third-party ￰36￱ started these audits before it became the norm.

It’s still one of the few exchanges doing ￰37￱ used the quarter to show its pipeline is ￰38￱ tools, new partners, new ￰39￱ IPO question now isn’t “if,” it’s “when.” The smartest crypto minds already read our ￰40￱ in? Join them .