Following a slow and somewhat disappointing Q2, US based crypto exchange operator Kraken has reported breakout results for Q3 2025, including a 50% quarter-over-quarter leap in Revenues.
Kraken said it 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 its 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, versus 4.6 million accounts at the end of last quarter.
Following the NinjaTrader acquisition earlier this year, Kraken continued to invest in and expand its derivatives offering. Kraken saw strong growth across its 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 Kraken with direct market-access infrastructure in the U.S. and establishes a foundation to strengthen its U.S.-native derivatives product suite.
Compounding innovation
At Kraken, innovation doesn’t happen in isolation – it builds on itself. Every product it launches strengthens the next, creating a compounding system of growth, trust and liquidity. Kraken said it continues to execute and deploy at pace, and Q3 evidenced that momentum as it unlocked new products for professional traders, institutions and consumers.
Rolling out xStocks
Kraken pioneered a new category of investing with the introduction of tokenized equities. In July, Kraken 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, Kraken’s 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.
xStocks are available to non-U.S. investors through both the Kraken Consumer App and Kraken Pro. In September, Kraken expanded availability to the EU, where the company said that early adoption has been very strong.
Empowering professional traders
Kraken said it continues to redefine professional trading through new products and intelligent automation:
- Launch of U.S. regulated derivatives: Kraken now offers CME-listed futures tied to major cryptocurrencies like Bitcoin, Ether and Solana, with diverse maturity dates and competitive pricing of just 0.5 basis points. This enables clients to trade a comprehensive suite of crypto futures alongside Kraken’s leading spot markets, all within a regulated and high-performance environment.
- Acquisition of Capitalise.ai: Brings no-code automation to Kraken Pro, enabling traders of all experience levels to design, test and automate strategies in plain language.
- Acquisition of Breakout: Expands Kraken’s prop trading capabilities and provides skilled traders with the opportunity to earn payments for successfully deploying strategies at scale. Breakout enables qualified users to access up to $200,000 in notional capital and retain up to 90% of profits, directly within Kraken Pro.
Scaling institutional products
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 its 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 Kraken’s commitment to a more open, secure financial future.
Expanding access for consumers
From retail traders to first-time crypto users, Kraken said it continues to expand access to the new financial frontier:
- Perpetual futures for consumers: Bringing sophisticated trading instruments to a broader audience who want to align their strategies with how they believe market pricing will move in the future.
- New local funding rails: Added local deposit options in Argentina and Mexico, enabling smoother fiat onramps for users in two of the region’s most active crypto markets.
- PayPal-enabled USD deposits: Instead of typing in bank credentials, clients can fund their Kraken account instantly using the same PayPal account they use to make purchases.
- Kraken Launch: A new token launchpad that empowers clients to access early-stage projects. Kraken is building scalable infrastructure that democratizes token sales and unites communities with builders for the next generation of finance.
- Support for stablecoin growth: The passage of the GENIUS Act further strengthens the regulatory foundation for stablecoins – a catalyst for even more 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 its 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 said it pioneered the practice of regular Proof of Reserves – well before it became an industry expectation – and it remains one of the few platforms to perform this process.
A look ahead
Kraken said that its Q3 2025 results underscore its speed of execution – not just in financial performance, but in shaping the systems that it believes will define the next era of finance.
Kraken said it is building what legacy financial systems were not designed to achieve; connecting 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.
