Kraken’s record-breaking third quarter paints a vivid picture of a maturing crypto market and a growing company heading for a long-awaited public offering. Kraken posted record profits in the third quarter with revenue of $648 million and adjusted EBITDA of $178.6 million, up 114% year-over-year. Unlike some of its peers who have struggled through this bear-bull cycle, Kraken has shown that it is not just surviving, but thriving within it.
Break records and set standards
In Q3 2025, Kraken’s revenue grew 50% sequentially and 114% year over year. This reflects the company’s diverse product capabilities and operational discipline. Adjusted EBITDA was $178.6 million, an increase of 124% from the second quarter, and margin widened to 27.6%.
Trading volume reached $561.9 billion, an increase of 23% sequentially, and total assets on the platform reached an impressive $59.3 billion. The exchange’s funded accounts increased to 5.2 million, placing Kraken firmly in the top tier of exchanges like Coinbase and Binance.
Strategic development and product development
This growth did not occur in isolation. 2025 was a transformational year for Kraken’s infrastructure and product portfolio. Acquisitions from NinjaTrader to Small Exchange have strengthened its control over derivatives trading. They also gave the exchange direct market access in the US and a regulatory foothold that competitors like Binance are still struggling to secure.
Kraken’s latest innovation, xStocks, blurs the line between Wall Street and Web3. Built in partnership with Backed, this new product will allow investors in more than 160 countries to access tokenized U.S. stocks without intermediaries or market hours.
In just a few months, xStocks’ trading volume has exceeded $5 billion across centralized and decentralized venues. This is a move that feels distinctly Kraken, weaving traditional finance and the digital frontier into something bigger than both. By opening new liquidity channels that work without crossing borders or closing bells, Kraken is quietly building the rails for a truly global, always-on economy.
Laying the foundation for a public future
Speculation about Kraken’s IPO has been rife in the industry for months. Third-quarter numbers make that outlook more concrete than ever. The company raised $500 million at a $15 billion valuation earlier this year, and is reportedly in advanced talks to finalize its next round of funding at around $20 billion. If that happens, it could be listed in 2026.
If this trajectory continues, Kraken will likely join Coinbase, Bullish, and Gemini in the wave of crypto exchange listings. But Kraken’s $15 billion valuation, transparent proof-of-reserve model, and diversified revenue streams give it a stronger regulatory and operational foundation than many of its peers.
Where the kraken is standing now
Kraken’s latest results speak to more than just a strong quarter. These show how far the crypto economy has matured. The exchange now looks more like a disciplined financial institution than a rough-and-tumble startup, while maintaining Web3’s hallmarks of agility and openness. Our quarterly Proof-of-Reserves audits and adoption of decentralized validator technology (DVT) for Ethereum staking have earned us institutional trust that few competitors can claim.
And timing may be on the Kraken’s side. With the Trump administration taking a more crypto-friendly stance, the exchange could have a distinct advantage by expanding into U.S.-regulated derivatives and institutional services.
