Kraken Reports Q3 Revenue Surge To Nearly $650 Million Ahead Of Anticipated US IPO

Ahead of one of the most anticipated initial public offerings (IPOs) in the digital asset sector, US-based crypto exchange Kraken has reported record revenue for the third quarter (Q3) of the ￰0￱ Kraken Exchange Milestones In a statement released on Wednesday, Kraken revealed that its Q3 2025 revenues (net of trading costs) reached $648.0 million, marking a 50% increase quarter-over-quarter and setting a new all-time high for the ￰1￱ EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) soared to $178.6 million, a 124% increase compared to the previous quarter, with margins rising by nine points to 27.6%. Total platform transaction volume climbed to $561.9 billion, up 23% from the previous quarter of the year, while assets on the platform grew by 34% to $59.3 billion.

Kraken’s community continues to expand, with 5.2 million funded accounts reported at the end of the ￰2￱ results come as Kraken prepares for its initial public offering potentially for next ￰3￱ company disclosed last month that it is in advanced discussions with a strategic investor to secure new funding at a revised valuation of approximately $20 billion. A number of crypto firms, including, Gemini Space Station (GEMI), and Figure Technology Solutions (FIGR), are pursuing US market debuts this year, buoyed by a more favorable regulatory environment under the pro-crypto Trump ￰4￱ regulatory developments led to the Nasdaq debuts of stablecoin issuer Circle (CRCL) and Peter Thiel-backed crypto exchange Bullish (BLSH) this ￰5￱ excitement surrounding their launches led to a considerable surge in their respective ￰6￱ Strategy Pays Off Kraken’s success is also supported by several acquisitions announced this ￰7￱ the acquisition of NinjaTrader, Kraken has been expanding its derivatives offerings, with futures daily average revenue trades (DARTs) reaching 741,000 in Q3, a 42% increase from the previous ￰8￱ week, Kraken also acquired Small Exchange, a CFTC-regulated Designated Contract Market (DCM), which enhances its direct market-access infrastructure in the US, Looking ahead, Kraken emphasized that its Q3 2025 results not only reflect strong financial performance but also the company’s commitment to shaping systems that will define the future of finance.

“We are building what legacy financial systems were not designed to achieve,” the statement ￰9￱ goal is to connect our infrastructure into a single digital network where capital moves seamlessly across asset classes, time zones, and use ￰10￱ system will enable clients to invest and trade anything, anywhere—instantly and securely, without friction or ￰11￱ is more than an evolution; it’s the foundation of a new global operating system built for openness, speed, and ￰12￱ image from DALL-E, chart from ￰13￱