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Key Notes
- The exchange's adjusted EBITDA surged 124% quarter-over-quarter to reach $178.6 million with improved margins.
- Platform transaction volume climbed to $561.9 billion while funded accounts grew to 5.2 million users.
- Strategic acquisitions including Small Exchange and the launch of tokenized stocks drove the firm's expansion.
US-based cryptocurrency and digital assets exchange Kraken posted its financial results for the third quarter, 2025, demonstrating positive momentum across nearly every metric including revenue, assets under management, and earnings before taxes.
According to an Oct. 22 press release, the firm’s third quarter revenue reached $648 million, a company record for quarterly earnings and a marked increase of about 47% over the previous quarter’s $303.5 million. Kraken says the revenue growth was “broad-based across nearly all products.”
Q3’25 marks a pivotal milestone in our mission to accelerate the transition to an open, digital financial system where financial freedom is native.
• Revenue $648M, (+50% QoQ)
• Adjusted EBITDA $178.6M (+124% QoQ)
• Total platform volume $561.9B (+23% QoQ).
• Assets on… pic.twitter.com/tqs3YtsUe1— Kraken (@krakenfx) October 22, 2025
Kraken’s Record-breaking Third Quarter
Alongside record quarterly profits, the exchange posted an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $178.6 million, demonstrating a 124% quarter-over-quarter increase as margins increased by 9 points to 27.6%.
The exchange’s total platform transaction volume climbed to $561.9 billion, a reported increase of 23% quarter-over-quarter, while assets on platform grew to $59.3 billion, a 34% uptick.
As of Oct. 22, Kraken says it has 5.2 million funded accounts—up from 4.6 million in Q2, 2025, and 3.5 million in Q3 2024.
Rapid expansion leads to steady growth
2025 appears to have been a breakout year for the Wyoming-based cryptocurrency exchange with numerous business and service expansions shaping the firm’s revenue results.
As Coinspeaker recently reported, Kraken acquired CFTC-licensed Designated Contract Market (DCM) firm Small Exchange in a $100 million deal announced on Oct. 16. The firm says this acquisition will lay the foundation for it to launch a fully US-native derivatives venue and product suite.
Kraken also launched xStocks in June, partnering with Backed to offer 60 tokenized representations of US stocks to clients outside the US.
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