Kraken Revenue More Than Doubled in Q3 as Company Preps for Possible IPO

Core Insights - Kraken's revenue more than doubled in Q3, reaching $648 million, a 114% increase year-over-year [1] - Adjusted earnings before taxes reached $178.6 million, up 124% quarter-over-quarter, with total volume rising 23% to $561.9 billion [2] - Kraken plans to go public in the U.S., joining other crypto firms in seeking public market access [3] Financial Performance - Revenue for Q3 was $648 million, reflecting a 114% increase from the previous year [1] - Adjusted earnings before taxes were $178.6 million, compared to a slightly negative figure a year earlier [2] - Total trading volume increased by 23% to $561.9 billion in the same period [2] IPO Plans - Kraken is preparing for an initial public offering, having recently raised $500 million, valuing the company at $15 billion [2] - The potential IPO would position Kraken alongside other crypto firms like Bullish and Gemini in the public markets [3] - Competitor Coinbase is expected to report a nearly 50% increase in adjusted revenue for Q3 [3]