Kraken Reports 114% Revenue Jump in Q3 Results
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Kraken posted $648 million in revenue for the third quarter of 2025, marking a 114% increase year-over-year. The exchange described the performance as its strongest financial quarter to date amid ongoing preparations for a potential public listing. Adjusted EBITDA climbed to $178.6 million as profit margins expanded nine percentage points to reach 27.6%, according to Wednesday's announcement. Total trading volume surged 106% compared to the previous year, hitting $561.9 billion for the quarter. The exchange launched its derivatives arm in July, providing U.S. traders access to CME-listed cryptocurrency futures. This move expanded Kraken's product suite beyond spot markets into regulated futures trading. Former chief legal officer Marco Santori now serves as CEO following the company's transformation into a Solana-focused treasury operation. Management stated they're building infrastructure that legacy financial systems weren't designed to achieve. Fortune reported in September that Kraken raised $500 million at a $15 billion valuation. Speculation continues to grow around the company planning an IPO sometime in 2026 as it strengthens its financial position and expands operations.
