Kraken revenue jumps 114% in Q3 amid expansion and IPO plans

The exchange reported $648 million in quarterly revenue as trading activity, user growth, and new acquisitions boosted performance.

Kraken reported $648 million in revenue for the third quarter of 2025, up 114% from a year earlier, which 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 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.

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