Kraken’s record-breaking third quarter paints a vivid picture of a maturing crypto market and a grown-up company setting its sights on a long-awaited public debut. With $648 million in revenue and $178.6 million in adjusted EBITDA, Kraken posted its highest-ever profits in Q3, up 114% year-on-year. Unlike some of its counterparts that have struggled throughout this bearish bull cycle, Kraken has shown that it’s not just surviving but thriving through it.
Breaking records and setting standards
In Q3 2025, Kraken’s revenues surged 50% quarter-over-quarter and 114% year-over-year. That’s a result that reflects its diversified product strength and operational discipline. Adjusted EBITDA of $178.6 million marked a 124% jump from Q2, with margins widening to 27.6%.
Trading volumes reached $561.9 billion, a 23% increase from the previous quarter, while assets on the platform totaled an eyewatering $59.3 billion. The exchange’s funded accounts climbed to 5.2 million, placing Kraken firmly among the top-tier exchanges like Coinbase and Binance.
Strategic plays and product expansion
This growth didn’t happen in isolation. 2025 has been a transformative year for Kraken’s infrastructure and product portfolio. Its acquisitions, from NinjaTrader to Small Exchange, have tightened its grip on derivatives trading. They’ve also given the exchange direct market access in the U.S. and a regulatory foothold that competitors like Binance still struggle to secure.
Kraken’s latest innovation, xStocks, blurs the lines between Wall Street and web3. Built in partnership with Backed, this new product lets investors in more than 160 countries access tokenized versions of U.S. equities, without the middlemen or market hours.
In just a few months, xStocks has notched over $5 billion in trading volume across centralized and decentralized venues. It’s a move that feels distinctly Kraken, weaving legacy finance and the digital frontier into something bigger than bo
Go to Source to See Full Article
Author: Christina Comben
