TLDR
- Kraken reported a record $648 million in revenue for Q3 2025, marking a 50% increase from the previous quarter.
- The company’s adjusted EBITDA reached $178.6 million, a 124% increase from the prior quarter, with margins expanding to 27.6%.
- Kraken’s total transaction volume for Q3 climbed to $561.9 billion, a 23% rise from the previous quarter.
- The exchange’s assets on the platform increased by 34%, reaching $59.3 billion, while its funded account base grew to $5.2 million.
- Kraken launched tokenized equities called xStocks in partnership with Backed, surpassing $5 billion in combined exchange volume.
Kraken reported record revenue of $648 million for Q3 2025, marking a 50% increase from the previous quarter. This growth reflects Kraken’s expansion across multiple product categories. Adjusted EBITDA reached $178.6 million, showing a 124% increase from the prior quarter. Kraken‘s quarterly performance highlights its strong momentum in the cryptocurrency exchange space.
Strong Financial Performance in Q3
Kraken’s impressive growth is largely attributed to disciplined cost management and continued investment in product development. The company’s adjusted EBITDA margin expanded by 9 percentage points, reaching 27.6%. Kraken’s total transaction volume for the quarter surged to $561.9 billion, a 23% increase from the previous quarter.
Assets on Kraken’s platform also grew substantially, rising 34% to $59.3 billion. The company’s funded account base reached 5.2 million by the end of the quarter. Kraken’s financial growth highlights the strong demand for its services and the platform’s ability to scale effectively.
The exchange’s record revenue is a testament to Kraken’s ongoing investment in innovation and infrastructure. “Our strong performance reflects the power of our platform, robust product offerings, and solid market demand,” the company said in a statement.
Expansion of Product Offerings and Strategic Acquisitions
Kraken expanded its product portfolio in Q3 with the launch of tokenized equities, known as xStocks. In partnership with Backed, Kraken introduced the product in July, offering 60 tokenized U.S. stocks. The product is available to clients in over 160 countries and operates on the Solana, Ethereum, and Tron blockchains.
Since its launch, xStocks has surpassed $5 billion in combined centralized and decentralized exchange volume. The product has attracted over $1 billion in on-chain transactions, with more than 37,000 unique holders. Kraken expanded the availability of xStocks to the European Union in September, further broadening its reach.
In addition to xStocks, Kraken’s derivatives business showed strong growth. The company’s recent acquisition of NinjaTrader has fueled the expansion of its futures market, which has seen a 42% increase in daily average revenue trades. Kraken also launched CME-listed futures for Bitcoin, Ethereum, and Solana.
Kraken Continues to Strengthen its Institutional Services
Kraken also focused on strengthening its institutional custody services, winning mandates from digital asset treasury companies. The company became the first central platform to adopt distributed validator technology via the SSV Network protocol. This advancement enhances Kraken’s Ethereum staking infrastructure, boosting decentralization and validator resilience.
Additionally, Kraken’s recent acquisition of Small Exchange enhances its position in the U.S. derivatives market. The exchange is now well-positioned to expand its domestic derivatives offerings. Kraken also made strategic moves to offer no-code automation tools through its acquisition of Capitalise.ai, enabling users to design and test trading strategies.
Kraken’s consumer-focused initiatives included the launch of perpetual futures for retail traders. The exchange also added local deposit options for clients in Argentina and Mexico and enabled instant USD deposits via PayPal. These initiatives demonstrate Kraken’s commitment to meeting the needs of its global user base.
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