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.
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.
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.
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 both. By opening new channels of liquidity that operate without borders or closing bells, Kraken is quietly building the rails for a truly global, always‑on economy.
Kraken’s latest results speak to more than just a strong quarter; they showcase how far the crypto economy has matured. The exchange now moves more like a disciplined financial institution than a scrappy startup, while keeping the agility and openness that define web3. Its quarterly Proof-of-Reserves audits and adoption of distributed validator technology (DVT) for Ethereum staking have earned it the kind of institutional trust that few rivals can claim.
And timing may be on Kraken’s side. With the Trump administration taking a more crypto‑friendly stance, the exchange’s expansion into U.S.‑regulated derivatives and institutional services could give it a clear edge.
