Kraken Q3 revenue hits $648m, up 50% from last quarter

Kraken reported Q3 2025 revenues of US$648 million, a 50% rise from the previous quarter and a new record for the US-based cryptocurrency exchange.

Adjusted EBITDA reached US$178.6 million, up 124% quarter-over-quarter, while platform transaction volume rose 23% to US$561.9 billion.

Assets on the platform grew 34% to US$59.3 billion, with 5.2 million funded accounts at quarter end.

The company expanded its derivatives business after acquiring NinjaTrader and Small Exchange, with futures daily average revenue trades climbing 42% to 741,000.

In July, Kraken launched xStocks, a tokenized equities product, for non-US clients in partnership with Backed, reaching over US$5 billion in combined exchange volume.

It also introduced CME-listed cryptocurrency futures and acquired Capitalise.ai and Breakout to boost professional trading automation.

Kraken completed its latest Proof of Reserves audit as of September 30, 2025.

🔗 Source: Kraken

🧠 Food for thought

Implications, context, and why it matters.

Kraken’s ranking win masks a competitive reality check

Kraken took the Q3 2025 top spot from Kaiko 1 on security (100/100) and data quality. Kaiko 1, a digital-asset market data provider, scores exchanges on six pillars.
That badge says nothing about share of trading. Kraken handled $561.9 billion in volume, up 23% quarter over quarter. The jump may mirror a bigger market. We need share data for spot and derivatives versus Binance (a leading global crypto exchange). Data for Coinbase (a publicly listed U.S. exchange) and OKX (a major Asia-based exchange) would help.
Futures Daily Average Revenue Trades (DARTs) hit 741,000, up 42% quarter over quarter. If larger venues grew faster, absolute gains could still mean a slip in share.

xStocks’ traction reveals infrastructure opportunities for token service providers

xStocks cleared $5 billion in combined centralized exchange (CEX) and decentralized exchange (DEX) volume. Holders reached 37,000 across Solana, Ethereum, and TRON. That signals demand for tokenized equities, blockchain-based representations of traditional stocks. The product launched in July and entered the EU in September, with “very strong” adoption.
Wallet firms, custodians, and analytics platforms can focus on jurisdictions that permit tokenized securities. Europe has the MiCA framework (Markets in Crypto-Assets, fully implemented December 2024) with crypto service standards 2. Hong Kong updated staking guidelines, and Singapore finalized stablecoin licensing 3.
Tokenized equities move across multiple blockchains “permissionlessly” without central gatekeepers. Firms can offer cross-chain settlement and real-time valuation feeds. They can also provide Anti-Money Laundering (AML) surveillance tools like Kaiko’s monitoring solutions and dashboards 4 for where traditional securities meet decentralized finance (DeFi) composability.