Kraken Reports $648M Revenue for Q3, Up 50% From Last Quarter

Core Insights - Kraken, a US-based cryptocurrency exchange, reported a record revenue of $648 million for Q3 2025, marking a 47% increase from Q2 2025's $303.5 million, with broad-based growth across nearly all products [2][4] - The adjusted EBITDA for the quarter was $178.6 million, reflecting a 124% increase quarter-over-quarter, with margins rising by 9 points to 27.6% [2][3] - Total platform transaction volume reached $561.9 billion, a 23% increase from the previous quarter, while assets on the platform grew to $59.3 billion, a 34% increase [3] Business Expansion - 2025 has been a significant year for Kraken, characterized by rapid expansion and service enhancements contributing to revenue growth [4] - The acquisition of Small Exchange for $100 million, announced on Oct. 16, is expected to facilitate the launch of a US-native derivatives venue and product suite [4] - The launch of xStocks in June, in partnership with Backed, allows Kraken to offer 60 tokenized representations of US stocks to clients outside the US [5]