TL;DR
Kraken reported that its third-quarter revenue doubled year-over-year, reaching $648 million and showing 114% growth. The company also posted adjusted pre-tax earnings of $178.6 million, up from a slightly negative result in 2024, reflecting a strong increase in demand for digital asset trading.
The growth is partly due to strategic acquisitions and new product launches. In 2025, Kraken acquired The Small Exchange, allowing it to expand its U.S. derivatives operations and offer perpetual futures directly tied to market movements. The platform also began supporting CME futures contracts, including equity indices, energy, and metals, providing more leverage options for eligible clients and scaling its presence in the U.S. derivatives market.
Platform activity also showed significant increases. Total trading volume grew 106% to $561.9 billion, funded accounts rose 46% to 5.2 million, and total assets under custody increased 89% to $59.3 billion, reflecting growing user confidence and adoption of its services.
Kraken is preparing to launch its initial public offering (IPO) in the United States next year, aiming to capitalize on both institutional and retail interest. The company has also reportedly been in advanced talks for a funding round that would value it at approximately $20 billion.
Kraken’s strong performance is also supported by a more flexible U.S. market, which favors the expansion of these platforms. Other major exchanges, including Coinbase, are also showing growth in both trading volume and revenue
