Kraken reported third-quarter revenue of $648mn, up 50% on the second quarter and setting a new record, with adjusted EBITDA climbing 124% to $178.6mn, the company said in a financial update.
Kraken Q3 Revenue $648mn, Sets New Record on Renewed Strength in Crypto Markets
23 October 2025 - 14:50 CEST
- Trading activity surged: Total transaction volume rose 23% to $561.9bn, while assets under custody climbed 34% to $59.3bn.
- Derivatives expansion: Kraken launched CME-listed crypto futures and completed the Small Exchange acquisition, strengthening its regulated U.S. presence.
- Tokenized equities breakthrough: Its xStocks platform hit $5bn in combined CEX and DEX volume, offering non-U.S. investors tokenized exposure to U.S. equities.
- Proof of Reserves milestone: The company completed another on-chain audit, reaffirming full backing for client assets.
- Innovation momentum: Adoption of distributed validator technology (DVT) and AI automation tools enhanced efficiency and transparency.
For market participants, Kraken’s record quarter underscores renewed confidence in the digital asset sector and a broader shift toward institutional-grade crypto infrastructure.
