Throughout the quarter, Kraken accelerated that momentum – introducing new product categories, enhancing client experiences and expanding platform-wide capabilities to strengthen our full product suite.
Our results demonstrate the scalability of our multi-product platform and the resilience of our model in a fast-changing market. By pairing innovation with discipline, we continue to lay the foundation for an open, secure and globally connected financial system.
Kraken achieved strong performance across multiple financial and operational metrics. Q3 2025 revenues (net of trading costs) rose to $648.0 million, increasing 50% quarter-over-quarter and setting a new all-time record for the company. Revenue growth was broad-based across nearly all products, underscoring the depth and breadth of our platform.
Adjusted EBITDA reached $178.6 million, increasing 124% quarter-over-quarter, as margins increased 9 points to 27.6%, reflecting disciplined cost management while continuing to invest in growth and innovation.
Total platform transaction volume climbed to $561.9 billion, increasing 23% quarter-over-quarter, while assets on platform grew 34% for the same period to $59.3 billion. Kraken’s community continues to expand with 5.2 million funded accounts as of quarter end.
Following the NinjaTrader acquisition earlier this year, we continue to invest in and expand our derivatives offering. We have seen strong growth across our platform with futures daily average revenue trades (DARTs) reaching 741,000 in Q3, increasing 42% quarter-over-quarter.
Last week’s acquisition of Small Exchange, a CFTC-regulated Designated Contract Market (DCM), provides us with direct market-access infrastructure in the U.S. and establishes a foundation to strengthen our U.S.-native derivatives product suite.
At Kraken, innovation doesn’t happen in isolation – it builds on itself. Every product we launch strengthens the next, creating a compounding system of growth, trust and liquidity. We continue to execute and deploy at pace, and Q3 evidenced that momentum as we unlocked new products for professional traders, institutions and consumers.
Kraken pioneered a new category of investing with the introduction of tokenized equities. In July, we launched xStocks in partnership with Backed, offering 60 tokenized representations of U.S. stocks to clients in more than 160 countries (excluding the U.S.). This innovation gives non-U.S. investors new ways to gain exposure to traditional equities through digital assets that can trade permissionlessly, around the clock and across multiple ecosystems.
From the outset, xStocks was built to be blockchain-neutral and platform-agnostic, ensuring liquidity isn’t trapped in silos or walled gardens. Instead, it flows freely across numerous DeFi protocols on Solana, Ethereum and TRON. By grounding tokenized equities in regulated infrastructure while enabling seamless onchain movement, our goal is to bridge institutional-grade compliance with DeFi-native composability.
The xStocks alliance has grown to include Bybit, Phantom, OKX Wallet and Wallet in 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 more than 37,000 unique holders.
On Kraken, xStocks are available to non-U.S. investors through both the Kraken Consumer App and Kraken Pro. In September, we expanded availability to the EU, where early adoption has been very strong.
Kraken continues to redefine professional trading through new products and intelligent automation:
Kraken continues to significantly scale up its qualified 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 treasury companies, affirming our leadership in security and infrastructure.
In a landmark move, Kraken became the first major exchange to fully adopt distributed validator technology (DVT) across its Ethereum staking infrastructure via the SSV Network protocol. This transition represents a major leap forward in decentralization and validator resilience, reinforcing our commitment to a more open, secure financial future.
From retail traders to first-time crypto users, Kraken continues to expand access to the new financial frontier:
Today, we also announced the completion of our latest Proof of Reserves for supported cryptocurrencies custodied securely by Kraken as of September 30, 2025:
Every quarter, Kraken clients can confirm their assets are fully backed on-chain. They can verify that their account balance was included in the Proof of Reserves report, independently validated by Kraken’s third-party accountancy firm.
Kraken pioneered the practice of regular Proof of Reserves – well before it became an industry expectation – and we remain one of the few platforms to perform this process.
Q3 2025 results underscore Kraken’s speed of execution – not just in financial performance, but in shaping the systems that we believe will define the next era of finance.
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.
A system that allows clients to invest and trade anything, anywhere — instantly and securely, without friction or fragmentation. This is more than an evolution; it’s the foundation of a new global operating system built for openness, speed and scale.
Revenue and Adjusted EBITDA are non-GAAP financial measures used by Management internally to understand, manage, and evaluate the business and make operating decisions. We believe these measures provide additional insight into our operational performance and help facilitate comparisons for the period indicated. Revenue is derived by subtracting GAAP trading costs, net from total GAAP gross revenues and allows for greater comparability to peer exchanges. EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA excludes irregular, non-recurring, and/or discretionary expenses and is intended to provide a clearer view of the company’s core profitability. Presented metrics include NinjaTrader starting from May 1, 2025 onward. Prior periods have been revised to conform to current period presentation.
The information provided in this communication is for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell any token, security or financial instrument. It is not intended as, and shall not be relied upon as, investment, financial, legal, or tax advice. Past performance is not necessarily indicative of future results.
Total platform transaction volume: Total platform transaction volume represents the aggregate notional value, expressed in U.S. dollar terms, of all transactions executed across the Company’s platforms during the period presented. This includes transaction activity in Spot, Margin, Consumer, OTC Spot, Equities, xStocks, Krak, Earn and Funding (across all platforms).
Assets on Platform (end of period): Total assets on platform represents the aggregate value, expressed in U.S. dollar terms, of assets held by the Company’s customers across all products and asset types, including crypto assets, equities and fiat currencies, measured as of the last day of the fiscal quarter. This metric includes assets held on the Company’s platforms as well as assets held through affiliated platforms, including NinjaTrader.
Funded accounts (end of period): Total funded accounts represents the total number of distinct customer accounts across the Company’s platforms and products that maintained a balance greater than zero as of the last day of the fiscal quarter. Sub-accounts are counted as separate accounts for purposes of this metric. Total funded accounts includes accounts held through affiliated platforms, including NinjaTrader.
Futures DARTs: Futures DARTs represents daily average revenue trades across TradFi futures and perpetual crypto futures, calculated as: total number of futures trades/trading days.
Trading Days: Trading days are calculated as the total number of calendar days in the quarter.
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