Kraken reported $648 million in revenue for the third quarter of 2025, up 114% year over year, in what the company described as its strongest financial performance to date.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $178.6 million as profit margins widened nine percentage points to 27.6%, Kraken said on Wednesday.
Total trading volume increased 106% year-over-year to $561.9 billion, while assets on the platform grew 89% to $59.3 billion. Kraken’s user base also expanded, reaching 5.2 million funded accounts by the end of the quarter.
The results follow a series of acquisitions by Kraken in 2025 and come as the exchange continues preparations for a possible public listing.
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Kraken expands as it prepares to go public
Founded in 2011, Kraken is one of the longest-running crypto exchanges in the United States and appears to be focused on growth through acquisitions and new product launches amid increased regulatory clarity in the United States.
In July, the exchange launched its derivatives arm in the country, offering US traders access to CME-listed cryptocurrency futures and expanding Kraken’s product suite beyond spot markets.
In September, Kraken entered the proprietary trading space with the acquisition of Breakout. It also announced a tokenized securities platform, offering European investors exposure to tokenized representations of US stocks.
“We are building what legacy financial systems were not designed to do,” Kraken said.
On September 26, Fortune reported that Kraken raised $500 million at a valuation of $15 billion, as speculation grows that the company is planning an initial public offering (IPO) sometime in 2026.
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