Kraken reported $648 million in income for the third quarter of 2025, up 114% from a yr earlier, which the corporate described as its strongest monetary efficiency up to now.
Adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) rose to $178.6 million as revenue margins widened 9 proportion factors to 27.6%, Kraken mentioned Wednesday.
Whole buying and selling quantity elevated 106% yr over yr to $561.9 billion, whereas property on the platform grew 89% to $59.3 billion. Kraken’s person base additionally expanded, reaching 5.2 million funded accounts by the tip of the quarter.
The outcomes comply with a collection of acquisitions by Kraken in 2025 and are available because the alternate continues preparations for a possible public itemizing.
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Kraken expands because it prepares to go public
Based in 2011, Kraken is among the longest-operating crypto exchanges in the US, and seems to be specializing in progress via acquisitions and new product launches amid improved regulatory readability within the US.
In July, the alternate launched its derivatives arm within the nation, providing US merchants entry to CME-listed cryptocurrency futures and increasing Kraken’s product suite past spot markets.
In September, Kraken entered the proprietary buying and selling sector with the acquisition of Breakout. It additionally introduced a tokenized securities platform, providing European traders publicity to tokenized representations of US shares.
“We’re constructing what legacy monetary techniques weren’t designed to realize,” Kraken mentioned.
On Sept. 26, Fortune reported that Kraken raised $500 million at a $15 billion valuation, as hypothesis grows that the corporate is planning for an preliminary public providing (IPO) someday in 2026.
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