Kraken is building significant momentum for its anticipated public debut, having closed the third quarter of 2025 with record-breaking financial results fueled by strategic acquisitions and product expansion.
Record-Setting Financial Performance
Kraken’s third-quarter results were historic. The company reported revenue of $648 million, a 50% increase from the previous quarter and more than double the figure from the same period last year. This top-line growth was matched by a surge in profitability, with Adjusted EBITDA climbing to $178.6 million, a remarkable 124% increase quarter-over-quarter.
This performance was underpinned by robust platform activity. Total transaction volume reached $561.9 billion, a 23% increase, while assets held on the platform grew to $59.3 billion. The exchange’s community also expanded significantly, with funded accounts growing to 5.2 million by the end of the quarter.
Strategic Moves Fueling Growth
This impressive growth was not accidental but driven by a clear strategy of expansion and diversification. A key driver was the acquisition of NinjaTrader, a leading U.S. retail futures platform, for $1.5 billion. This move significantly bolstered Kraken’s presence in traditional finance (TradFi) and derivatives markets, bringing in nearly two million new traders and providing a crucial regulatory license to offer futures in the U.S..
Concurrently, Kraken has been aggressively diversifying its product suite beyond spot crypto trading. The launch of xStocks, a service offering tokenized representations of U.S. stocks to non-U.S. investors, has surpassed $5 billion in combined exchange volume. The company has also expanded its institutional offerings with qualified custody and prime brokerage services and broadened its consumer reach with new local funding rails in markets like Argentina and Mexico.
The Road to an IPO and Market Impact
Kraken’s strong financial performance has directly supported its ambitions to become a public company. In preparation for an Initial Public Offering (IPO) targeted for early 2026, Kraken successfully raised $500 million in a private funding round in September 2025, which valued the company at approximately $15 billion. The company is expected to file its S-1 registration statement with the U.S. Securities and Exchange Commission before the end of this year.
For traders and the broader market, Kraken’s growth translates into deeper liquidity and a more robust platform. The company’s expansion into regulated derivatives and tokenized assets, coupled with its focus on low-latency trading infrastructure, provides users with a more comprehensive and institutional-grade trading environment. As Kraken continues to execute its strategy, it is solidifying its position as a key player building the infrastructure for a converged future of traditional and digital finance.
