Kraken reports $648M in Q3 revenue, up 114% year-over-year and 50% from Q2

Kraken reported $648 million in Q3 revenue, up 114% year-over-year and 50% quarter-over-quarter, according to the company’s earnings report released on Wednesday after the bell.

Adjusted EBITDA hit $178.6 million, up 124% from last quarter, with margins rising to 27.6%. That’s a 9-point jump. Kraken said it achieved this while keeping costs tight and still pushing growth across every corner of the business.

Total platform transaction volume hit $561.9 billion, a 23% increase, while assets on platform jumped 34% to $59.3 billion. The exchange said it closed the quarter with 5.2 million funded accounts, continuing to build what it calls “a global community of active traders.”

Kraken pushes deeper into derivatives and tokenized stocks

After buying NinjaTrader earlier this year, Kraken went harder on derivatives. It clocked 741,000 futures DARTs (daily average revenue trades) in Q3, 42% more than Q2. The deal gave Kraken more muscle in the segment, but it didn’t stop there.

Last week, it bought Small Exchange, a CFTC-licensed Designated Contract Market, giving it direct market access in the U.S. That acquisition lays the groundwork for its U.S.-native futures suite.

In July, Kraken launched a new product called xStocks in partnership with Backed. It gives non-U.S. clients access to 60 tokenized U.S. equities. These can be traded anytime, from anywhere, across multiple chains; Solana, Ethereum, and TRON.

Kraken built the product to avoid platform lock-in. Liquidity flows across protocols. The company says the goal is to combine DeFi mechanics with regulated infrastructure.

The xStocks network now includes Bybit, Phantom, OKX Wallet, and Wallet in Telegram. Kraken said xStocks already hit $5 billion in combined volume on CEXs and DEXs, with $1 billion in on-chain transactions and over 37,000 holders.

Users can trade xStocks through Kraken Pro or the Kraken Consumer App. In September, Kraken opened access to EU-based clients, where usage reportedly ramped fast.

Kraken rolls out pro tools and expands access

Kraken launched CME-listed futures tied to Bitcoin, Ether, and Solana, with 0.5 basis point fees. These let users trade regulated crypto futures alongside their spot markets. It also acquired Capitalise.ai, a no-code automation platform. With it, traders can build and run strategies using plain English.

Another acquisition, Breakout, gives advanced users access to $200,000 in notional capital and 90% profit retention through Kraken Pro.

The firm boosted institutional products too. Kraken was chosen by several digital asset treasury firms for custody and trading this quarter. It also became the first major exchange to fully deploy distributed validator technology (DVT) across its Ethereum staking setup, using the SSV Network protocol. Kraken said this strengthens the decentralization of its validator network.

Retail users saw changes too. Kraken added local deposit options in Argentina and Mexico, and rolled out PayPal support for USD funding. It also launched Kraken Launch, a platform for new token projects. That tool gives users early access to tokens and helps connect developers with communities.

Kraken also maintained a 60% share of stablecoin/fiat spot trading volume in Q3. That number held steady as the GENIUS Act passed, giving stablecoins more regulatory clarity.

As of September 30, 2025, Kraken completed another Proof of Reserves audit. Clients can now check their balances were included, with independent validation by a third-party auditor. Kraken started these audits before it became the norm. It’s still one of the few exchanges doing it.

Kraken used the quarter to show its pipeline is full. New tools, new partners, new markets. The IPO question now isn’t “if,” it’s “when.”

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