Kraken has announced a remarkable revenue of $648 million for the third quarter of 2025, representing a 114% increase from the previous year, marking it as their most robust financial quarter yet.

Adjusted EBITDA reached $178.6 million, with profit margins expanding by nine percentage points to 27.6%. The company highlighted a total trading volume that surged by 106% year-over-year to $561.9 billion, while the assets under management grew by 89% to $59.3 billion. As a result, Kraken’s user numbers surged to 5.2 million funded accounts by the quarter’s end.

This growth trajectory coincides with several acquisitions made by Kraken in 2025, and comes as preparations intensify for a potential public listing.

Kraken’s quarter-over-quarter revenue.
Source: Kraken

Kraken’s Strategic Growth as IPO Looms

Founded in 2011, Kraken stands as one of the longest-serving crypto exchanges in the U.S., now focusing on expansion through acquisitions and launching new products amid enhanced regulatory clarity in the U.S. market.

In July, they launched their derivatives division, providing U.S. traders access to CME-listed cryptocurrency futures, significantly broadening Kraken’s offerings.

In September, Kraken made a move into proprietary trading through the acquisition of Breakout and announced a platform for tokenized securities, allowing EU investors to invest in tokenized versions of U.S. stocks.

Kraken stated: “We are creating solutions that traditional financial systems were unable to provide.”

On September 26, it was reported that Kraken raised $500 million at a valuation of $15 billion, sparking speculation about an initial public offering (IPO) potentially occurring in 2026.