Ahead of one of the most anticipated initial public offerings (IPOs) in the digital asset sector, US-based cryptocurrency exchange Kraken reported record revenues for the third quarter (Q3) of the year.
Features of the new Kraken Stock Exchange
In a statement Released on Wednesday, Kraken revealed that its third-quarter 2025 revenue (net of trading costs) reached $648.0 million, representing a 50% increase quarter-over-quarter and setting a new all-time high for the company.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $178.6 million, an increase of 124% sequentially, with margins rising nine points to 27.6%.
Total platform Transaction size The value of assets rose to $561.9 billion, an increase of 23% from the previous quarter of the year, while assets on the platform grew by 34% to $59.3 billion. The Kraken community continues to expand, with 5.2 million funded accounts reported at the end of the quarter.
These results come as Kraken prepares for its potential initial public offering next year. The company revealed last month that it was in advanced discussions with a strategic investor to secure new financing at a revised valuation of about $20 billion.
A number of cryptocurrency companies, including Gemini Space Station (GEMI) and Fig Technology Solutions (FIGR), are seeking to debut in the US market this year, buoyed by a more favorable atmosphere. Regulatory environment Under the pro-crypto Trump administration.
These regulatory developments led to the Nasdaq debuts of stablecoin issuer Circle (CRCL) and Peter Thiel-backed cryptocurrency exchange Bullish (BLSH) this year. The initial excitement surrounding their launch sent their respective shares soaring.
The acquisition strategy is paying off
Kraken’s success is also supported by several acquisitions announced this year. Following the acquisition of NinjaTrader, Kraken expanded its derivatives offerings, with futures contracts Average daily revenue trades (DARTs) reached 741,000 in the third quarter, an increase of 42% from the previous quarter.
Last week, Kraken also acquired Small Exchange, the CFTC-regulated custom contracts market (DCM), which leverages direct market access infrastructure in the US.
Looking to the future, Kraken emphasized that its results for the third quarter of 2025 do not just reflect strength Financial performance But also the company’s commitment to shaping the systems that will define the future of finance. “We are building what legacy financial systems were not designed to achieve,” the statement noted.
Our goal is to connect our infrastructure into a single digital network where capital moves seamlessly across asset classes, time zones and use cases. This system will enable customers to invest and trade anything, anywhere, instantly and securely, without friction or fragmentation. This is more than just an evolution. It is the foundation of a new global operating system designed for openness, speed, and scale.
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