Ahead of one of the most anticipated initial public offerings (IPOs) in the digital asset sector, US-based crypto exchange Kraken has reported record revenue for the third quarter (Q3) of the year.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) soared to $178.6 million, a 124% increase compared to the previous quarter, with margins rising by nine points to 27.6%.
These results come as Kraken prepares for its initial public offering potentially for next year. The company disclosed last month that it is in advanced discussions with a strategic investor to secure new funding at a revised valuation of approximately $20 billion.
Such regulatory developments led to the Nasdaq debuts of stablecoin issuer Circle (CRCL) and Peter Thiel-backed crypto exchange Bullish (BLSH) this year. Initial excitement surrounding their launches led to a considerable surge in their respective stocks.
Last week, Kraken also acquired Small Exchange, a CFTC-regulated Designated Contract Market (DCM), which enhances its direct market-access infrastructure in the US,
Our goal is to connect our infrastructure into a single digital network where capital moves seamlessly across asset classes, time zones, and use cases. This system will enable clients to invest and trade anything, anywhere—instantly and securely, without friction or fragmentation. This is more than an evolution; it’s the foundation of a new global operating system built for openness, speed, and scale.
Featured image from DALL-E, chart from TradingView.com
