After a slow and somewhat disappointing quarter, US-based cryptocurrency exchange Kraken reported results for the third quarter of 2025, including a 50% jump in quarter-on-quarter revenue.
Kraken said it delivered strong performance across multiple financial and operational metrics. 3Q2025 revenue (net of transaction costs) rose to $648.0 million, up 50% quarter-over-quarter and setting a new all-time record for the company. Revenue growth was broad across nearly all products, highlighting the depth and breadth of its platform.
Adjusted EBITDA reached $178.6 million, up 124% quarter-on-quarter, as margins increased 9 points to 27.6%, reflecting disciplined cost management while continuing to invest in growth and innovation.
Total platform trading volume was $561.9 billion, up 23% quarter-on-quarter, while assets on the platform rose 34% over the same period to $59.3 billion. The Kraken community continues to expand with 5.2 million funded accounts at the end of the quarter.
After acquiring NinjaTrader earlier this year, Kraken has continued to invest and expand its derivatives offering. Kraken saw strong growth across its platform, with daily average revenue futures (DART) trades reaching 741,000 in the third quarter, up 42% quarter-over-quarter.
Last week’s acquisition of Small Exchange, a CFTC-regulated Defined Contracts Market (DCM), provides Kraken with direct US market access infrastructure and creates a foundation for strengthening its US native derivatives product suite.
Combinatorial innovation
At Kraken, innovation doesn’t happen in isolation – it builds on itself. Each product it launches reinforces the next, creating a complex system of growth, trust and liquidity. Kraken said it continues to execute and grow at pace, and the third quarter demonstrated that momentum as it unlocked new products for professional traders, institutions and consumers.
xStocks is launched
Kraken pioneered a new class of investment with the introduction of tokenized shares. In July, Kraken launched xStocks in partnership with Backed, offering 60 US stock token proxies to clients in more than 160 countries (non-US). This innovation gives non-US investors new ways to gain exposure to traditional stocks through digital assets that can be traded license-free, 24 hours a day and across multiple ecosystems.
From the ground up, xStocks was built to be blockchain neutral and platform agnostic, ensuring liquidity is not trapped in silos or walled gardens. Instead, it flows freely across several DeFi protocols in Solana, Ethereum, and TRON. By grounding token shares in regulated infrastructure while enabling seamless onchain movement, Kraken aims to bridge institutional-level compliance with DeFi-native composition capability.
The xStocks alliance has grown to include Bybit, Phantom, OKX Wallet and Wallet on Telegram, among others. To date, xStocks has surpassed $5 billion in combined CEX and DEX volume, generated over $1 billion in on-chain transactions, and reached over 37,000 unique holders.
xStocks are available to non-US investors through both the Kraken Consumer App and Kraken Pro. In September, Kraken expanded availability to the EU, where the company said early adoption was very strong.
Empowering professional traders
Kraken said it continues to redefine business transactions through new products and intelligent automation:
- Regulated derivatives market in the US: Kraken now offers futures contracts on the CME exchange linked to major cryptocurrencies such as Bitcoin, Ether and Solana, with different expiration dates and competitive pricing as low as 0.5 basis points. This enables clients to trade a comprehensive range of cryptocurrency futures alongside Kraken’s leading spot markets, all within a regulated, high performance environment.
- Acquisition of Capitalise.ai: Brings code-free automation to Kraken Pro, allowing traders of all experience levels to design, test and automate strategies in plain language.
- Breakout Acquisition: Expands Kraken’s prop trading capabilities and provides skilled traders with the opportunity to earn payouts for successfully deploying strategies at scale. Breakout allows qualified users to access up to $200,000 in virtual capital and keep up to 90% of profits, directly in Kraken Pro.
Scaling institutional products
Kraken continues to significantly scale its dedicated custody offering and has become a trusted partner for institutions seeking secure, compliant access to digital assets. This quarter, Kraken was selected for custody and trading by a number of digital asset fund companies, confirming its leadership in security and infrastructure.
In a landmark move, Kraken became the first major exchange to fully adopt distributed validation technology (DVT) across its Ethereum staking infrastructure via the SSV network protocol. This transition represents a significant leap forward in decentralization and validator resilience, reinforcing Kraken’s commitment to a more open and secure financial future.
Widening access for consumers
From retailers to first-time crypto users, Kraken said it continues to expand access to new financial frontiers:
- Sustainable futures for consumers: Bringing sophisticated trading tools to a wider audience who want to align their strategies with how they believe market pricing will move in the future.
- New tracks of local funding: Added local deposit options in Argentina and Mexico, allowing smoother fiat ramps for users in two of the region’s most active crypto markets.
- Deposits in USD with PayPal: Instead of typing in bank credentials, customers can directly fund their Kraken account using the same PayPal account they use to make purchases.
- Launch Kraken: A new launchpad token that enables customers to access early-stage projects. Kraken builds scalable infrastructure that democratizes token sales and connects communities with builders for the next generation of funding.
- Support for stablecoin development: Passage of the GENIUS Act further strengthens the regulatory framework for stablecoins – a catalyst for even greater stablecoin adoption. Kraken said it maintained a strong position in stablecoins, with its share of stable/fiat spot volumes well above 60% throughout the quarter.
Transparency through Proof of Reserves
Today, Kraken also announced the completion of the last proof of reserves for supported cryptocurrencies held securely by Kraken as of September 30, 2025:
Every quarter, Kraken customers can confirm that their assets are fully supported on-chain. They can verify that their account balance was included in the Proof of Reserves report, which was independently validated by Kraken’s third-party accounting firm.
Kraken said it pioneered the practice of regular inventory proofing — long before it became an industry expectation — and remains one of the few platforms to perform the process.
A look ahead
Kraken said its Q3 2025 results underscore its speed of execution — not just in financial performance, but in shaping the systems it believes will define the next era of finance.
Kraken said it builds what legacy financial systems weren’t designed to succeed. connecting infrastructure into a single digital network where capital moves seamlessly across asset classes, time zones and use cases.
A system that allows customers to invest and trade anything, anywhere — instantly and securely, without friction or fragmentation. This is more than a development. is the foundation of a new global operating system built for openness, speed and scale.