Kraken has reported its financial performance for Q3 2025, spotlighting a remarkable revenue of $648 million, reflecting a 114% year-over-year rise. This performance is attributed to an upswing in trading activities, user base expansion, as well as strategic acquisitions.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose sharply to $178.6 million, with profit margins jumping nine percentage points to 27.6%, according to Kraken’s announcements made earlier this week.

Additionally, total trading volume saw a 106% increase year-over-year, reaching $561.9 billion, while assets on Kraken’s platform grew 89% to hit $59.3 billion. The user base has expanded significantly, reaching 5.2 million funded accounts by the quarter’s end.

This substantial growth follows a series of acquisitions in 2025 and indicates that Kraken is gearing up for a potential public listing.

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

Soon after launching its derivatives segment in July, which enables US traders access to CME-listed cryptocurrency futures, Kraken has made a significant move into the proprietary trading domain via the acquisition of Breakout, diversifying its offerings with a tokenized securities platform for European investors.

Kraken expressed its ambition stating, “We are building what legacy financial systems were not designed to achieve.”

On September 26, it was reported by Fortune that Kraken has raised $500 million at a valuation of $15 billion, further fueling speculation regarding an IPO in 2026.