TLDR
- Kraken’s tokenized equities offering xStocks has surpassed $5 billion in combined trading volume since launching in July 2025 through a partnership with Backed
- The xStocks platform now has over 37,000 unique holders and generated more than $1 billion in on-chain transactions, available in over 160 countries
- Kraken reported record third-quarter revenue of $648 million, representing a 114% increase from $303.5 million in Q3 2024
- Adjusted EBITDA climbed to $178.6 million compared to a loss of $6.8 million in the same quarter last year
- Transaction volume reached $561.9 billion in Q3 2025, marking a 23% increase from the previous quarter
Kraken announced Wednesday that its tokenized equities product has crossed $5 billion in total trading volume. The cryptocurrency exchange shared the milestone alongside its third-quarter financial results.
Q3â25 marks a pivotal milestone in our mission to accelerate the transition to an open, digital financial system where financial freedom is native.
⢠Revenue $648M, (+50% QoQ)
⢠Adjusted EBITDA $178.6M (+124% QoQ)
⢠Total platform volume $561.9B (+23% QoQ).
⢠Assets on⌠pic.twitter.com/tqs3YtsUe1— Kraken (@krakenfx) October 22, 2025
The company’s xStocks offering launched in July 2025 through a partnership with Backed. The platform allows users outside the United States to trade tokenized versions of U.S. stocks. Kraken said the service is now available in more than 160 countries.
The exchange reported that xStocks has attracted over 37,000 unique holders since launch. The platform has generated more than $1 billion in on-chain transactions. Trading occurs on both centralized and decentralized exchanges.
Kraken expanded xStocks to Europe in September. The company worked with several partners to grow the offering. These partners include Bybit, Phantom, OKX Wallet, and Telegram.
The tokenized equities allow non-U.S. investors to gain exposure to traditional stocks through digital assets. These tokens can trade around the clock across multiple platforms. Traditional stock markets have limited trading hours.
Strong Financial Performance
Kraken posted $648 million in revenue for the third quarter of 2025. This represents more than double the $303.5 million recorded in Q3 2024. The company called it a new record for quarterly revenue.
Adjusted EBITDA showed a dramatic turnaround from the previous year. The metric reached $178.6 million in Q3 2025. This compares to a loss of $6.8 million in the same quarter of 2024.
Transaction volume on the platform also grew during the quarter. Kraken reported $561.9 billion in total transaction volume. This marked a 23% increase from the second quarter of 2025.
Tokenized Equities Market
Tokenized equities represent traditional stocks on blockchain networks. Investors can buy and sell these tokens similar to cryptocurrencies. The tokens are backed by actual shares of the underlying companies.
Kraken’s xStocks uses blockchain technology to enable 24/7 trading. Traditional stock exchanges typically operate during business hours on weekdays. The tokenized version removes these time restrictions.
The platform operates through a partnership with Backed, a tokenization provider. Backed handles the process of converting traditional securities into blockchain-based tokens. Kraken provides the trading infrastructure and user access.
Co-CEO Arjun Sethi previously stated that the company sees tokenized assets as a growth area. Kraken also acquired the Small Exchange for $100 million to expand its derivatives offerings. The exchange is positioning itself in multiple trading categories.
Kraken’s Q3 results show growth across its core business metrics and new product lines. The company reported the data on October 22, 2025.
