Kraken’s Q3 Revenue Skyrockets to $648M, Marking a 50% Increase from Last Quarter

Key Points

• Kraken, a US-based cryptocurrency exchange, reports record Q3 2025 results, with significant growth in revenue and assets under management.
• The company’s initiatives, including acquisitions and new product launches, contribute to its robust financial performance.

Kraken’s Stellar Q3 2025 Performance

In Q3 2025, Kraken, a US-based digital assets exchange, recorded impressive financial results.

The firm’s revenue, assets under management, and pre-tax earnings all showed positive momentum.

Kraken’s Q3 revenue hit a company record of $648 million, which is a 47% increase from the previous quarter’s $303.5 million.

The company attributed this growth to a broad-based increase across nearly all its products.

Record-breaking Figures and Rapid Expansion

Kraken also reported an adjusted EBITDA of $178.6 million, a 124% quarter-over-quarter increase.

The firm’s total platform transaction volume rose to $561.9 billion, a 23% quarter-over-quarter increase, while assets on the platform grew to $59.3 billion, a 34% uptick.

As of Oct. 22, Kraken reported 5.2 million funded accounts, up from 4.6 million in Q2 2025, and 3.5 million in Q3 2024.

The year 2025 has been a transformative one for the Wyoming-based cryptocurrency exchange, with several business expansions and service enhancements driving the firm’s revenue results.

In a significant move, Kraken acquired CFTC-licensed Designated Contract Market (DCM) firm Small Exchange in a $100 million deal announced on Oct. 16.

This acquisition is expected to pave the way for Kraken to launch a fully US-native derivatives venue and product suite.

Furthermore, Kraken launched xStocks in June, in collaboration with Backed, offering 60 tokenized representations of US stocks to clients outside the US.