Kraken, one of the longest-standing cryptocurrency exchanges in the United States, announced impressive financial results for the third quarter of 2025, reporting a record revenue of $648 million. This figure represents an increase of 114% compared to the same period last year, marking the company’s strongest quarter to date.
The exchange’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose significantly to $178.6 million, supported by an expanded profit margin of 27.6%, up nine percentage points year-over-year. These results highlight Kraken’s robust financial health amid a rapidly evolving crypto market.
Trading activity also surged, with total volume climbing 106% year-over-year to $561.9 billion. Meanwhile, assets held on Kraken’s platform increased by 89%, reaching $59.3 billion. The platform’s user base continued to grow steadily, ending the quarter with 5.2 million funded accounts.
This strong performance follows a series of strategic moves Kraken executed throughout 2025, including multiple acquisitions aimed at expanding its service offerings. Most notably, in September, Kraken entered the proprietary trading space with the acquisition of Breakout. Additionally, the company launched a tokenized securities platform geared towards European investors, providing access to tokenized versions of U.S. stocks.
Growth initiatives also included the launch of Kraken’s derivatives offering in the U.S. in July, allowing domestic traders to access cryptocurrency futures listed on the Chicago Mercantile Exchange (CME). This move helped diversify Kraken’s product lineup beyond its traditional spot trading markets.
Since its founding in 2011, Kraken has established itself as a prominent player in the crypto exchange landscape, emphasizing regulatory compliance and innovation. The company has benefited from increasing regulatory clarity in the U.S., which has supported its expansion efforts.
Amid strong financial results and an expanding operational footprint, Kraken appears to be preparing for a potential initial public offering (IPO). According to a report from Fortune on September 26, Kraken secured $500 million in funding, valuing the company at approximately $15 billion. While official IPO plans have not been confirmed, the capital raise and valuation underscore investor confidence in Kraken’s long-term growth prospects.
Overall, Kraken’s continued emphasis on acquiring new capabilities, expanding product offerings, and growing its user base positions it as a significant entity within the cryptocurrency exchange sector as it moves toward a potential public listing.
