Kraken, a leading US-based cryptocurrency exchange, has announced a remarkable surge in revenue for the third quarter of 2025, reporting a 114% increase compared to the same period last year. The exchange's Q3 revenue reached $648 million, marking a 50% increase quarter-over-quarter and setting a new all-time record for the company. This impressive financial performance is attributed to expansion across multiple product categories, increased trading volumes, and strategic acquisitions.
Kraken's adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also saw substantial growth, reaching $178.6 million, a 124% increase quarter-over-quarter. The company's EBITDA margin increased by nine percentage points to 27.6%, reflecting disciplined cost management while continuing to invest in growth and innovation. Total platform transaction volume climbed to $561.9 billion, a 23% increase from the previous quarter, while assets on the platform grew 34% to $59.3 billion. Kraken's community continues to expand, with 5.2 million funded accounts as of the end of the quarter.
The exchange highlighted that the revenue growth was broad-based across nearly all products, underscoring the depth and breadth of its platform. Kraken has been actively expanding its product offerings, including tokenized equities, derivatives, and custody services. In July 2025, Kraken introduced tokenized equities called xStocks, in partnership with Backed. This product allows clients in over 160 countries, excluding the United States, to trade tokenized U.S. stocks around the clock across Solana, Ethereum, and Tron blockchains. Since its launch, xStocks has surpassed $5 billion in combined centralized and decentralized exchange volume, with over $1 billion in on-chain transactions and more than 37,000 unique holders. The xStocks alliance has grown to include Bybit, Phantom, OKX Wallet, and Wallet in Telegram, among others. In September 2025, Kraken expanded xStocks availability to the European Union.
Kraken's derivatives business has also shown strong momentum, particularly following the acquisition of NinjaTrader earlier this year. Futures daily average revenue trades (DARTs) reached 741,000 in Q3, increasing 42% quarter-over-quarter. Last week, Kraken acquired Small Exchange, a CFTC-regulated Designated Contract Market (DCM), to enhance its direct market-access infrastructure in the U.S. and establish a foundation for expanding domestic derivatives products.
These strong Q3 results come amid ongoing expectations that Kraken plans to go public in the U.S. in 2026. The company is reportedly raising $500 million at a $15 billion valuation. However, the exact timing of the IPO remains dependent on regulatory approvals and market conditions. In preparation for its potential IPO, Kraken has been focusing on cost discipline and operational efficiency.
Kraken has also been expanding its services beyond crypto. It obtained a MiFID II licence by acquiring a Cyprus-based broker earlier this year, launching crypto perpetual contracts for European users. In the U.S., besides the NinjaTrader and Small Exchange acquisitions, Kraken launched equity trading services in April. The exchange also launched Kraken Launch, a token launchpad designed to democratize access to early-stage projects. Kraken maintained a strong position in stablecoin trading, with its share of stable/fiat spot volumes exceeding 60% throughout the quarter.
Kraken's impressive Q3 performance and strategic expansion initiatives reflect the company's commitment to innovation and growth in the evolving digital asset landscape.
