Kraken Posts Record $648M Revenue in Q3, Up 50% Quarter-Over-Quarter

Kraken reported record quarterly revenue of $648 million for the third quarter of 2025 , representing a 50% increase from the prior quarter as the exchange expanded across multiple product categories.

Adjusted EBITDA reached $178.6 million, up 124% quarter-over-quarter, with margins expanding 9 percentage points to 27.6%. The exchange attributed the performance to disciplined cost management alongside continued investment in product development.

Total platform transaction volume climbed to $561.9 billion, a 23% quarterly increase, while assets on platform grew 34% to $59.3 billion. Kraken's funded account base reached 5.2 million as of quarter end.

The exchange significantly expanded its product offerings during the quarter, introducing tokenized equities called xStocks, in partnership with Backed. The product launched in July with 60 tokenized U.S. stocks available to clients in over 160 countries excluding the United States, trading around the clock across Solana, Ethereum, and Tron blockchains.

xStocks has surpassed $5 billion in combined centralized and decentralized exchange volume since launch, with over $1 billion in on-chain transactions and more than 37,000 unique holders. The alliance has expanded to include Bybit, Phantom, OKX Wallet, and Wallet in Telegram. Kraken extended xStocks availability to the European Union in September.

Kraken's derivatives business showed strong momentum following the NinjaTrader acquisition earlier this year. Futures daily average revenue trades reached 741,000 in Q3, increasing 42% quarter-over-quarter. The exchange launched CME-listed futures tied to Bitcoin, Ethereum, and Solana with pricing at 0.5 basis points.

Last week's acquisition of Small Exchange , a CFTC-regulated Designated Contract Market, provides direct market-access infrastructure in the U.S. and establishes a foundation for expanding domestic derivatives products.

The exchange made several strategic acquisitions during the quarter to enhance trading capabilities. Kraken acquired Capitalise.ai, bringing no-code automation tools to Kraken Pro that enable traders to design and test strategies in plain language. The Breakout acquisition expanded proprietary trading capabilities, allowing qualified users to access up to $200,000 in notional capital while retaining up to 90% of profits.

Kraken scaled its institutional custody offering, winning mandates from multiple digital asset treasury companies. The exchange became the first major platform to fully adopt distributed validator technology across its Ethereum staking infrastructure via the SSV Network protocol, enhancing decentralization and validator resilience.

Consumer-focused initiatives included launching perpetual futures for retail traders, adding local deposit options in Argentina and Mexico, and enabling instant USD deposits through PayPal. The exchange also announced Kraken Launch, a token launchpad designed to democratize access to early-stage projects.

Kraken maintained a strong position in stablecoin trading, with its share of stable/fiat spot volumes exceeding 60% throughout the quarter. The company cited the GENIUS Act's passage as strengthening the regulatory foundation for continued stablecoin adoption.

The exchange also published its latest Proof of Reserves for cryptocurrencies custodied as of September 30, 2025, allowing clients to verify their assets are fully backed on-chain through independent validation by a third-party accountancy firm.

"We are building what legacy financial systems were not designed to achieve; we are connecting our infrastructure into  a single digital network where capital moves seamlessly across asset classes, time zones and use cases," the exchange said in a statement .