Kraken’s Q3 Revenue Doubles YoY, Tokenised Stock Volume Hits $5 Billion

Kraken, the US-based crypto exchange now entering traditional finance, revealed that tokenised stocks on its platform have exceeded $5 billion across both centralised and decentralised venues. The number of unique holders of these tokenised stocks also went past 37,000.

The platform offers tokenised stocks only to its non-US customers.

Digital assets meet tradfi in London at the FMLS25.

A Solid Jump in Revenue

The San Francisco-headquartered company ended the third quarter of 2025 with revenue of $648 million, an increase of 50 per cent from the previous quarter and 114 per cent year-on-year.

The exchange also highlighted that “revenue growth was broad-based across nearly all products,” without revealing any product-specific figures.

The platform's adjusted EBITDA for the three months reached $178.6 million, up 124 per cent quarter-on-quarter. The EBITDA margin also increased by nine points to 27.6 per cent.

Transaction volume rose 23 per cent quarter-on-quarter to $561.9 billion. Meanwhile, assets on the platform grew 34 per cent to $59.3 billion. At the end of Q3, the platform had 5.2 million funded accounts.

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Kraken’s Move towards Mainstream Finance

Kraken posted these numbers amid ongoing expectations that it plans to go public next year. It is reportedly raising $500 million at a $15 billion valuation.

The exchange is also expanding beyond crypto. It obtained a MiFID II licence by acquiring a Cyprus-based broker earlier this year and then launched crypto perpetual contracts through it for European users.

In the US, the exchange bought NinjaTrader earlier this year for $1.5 billion, and more recently acquired another CFTC-regulated derivatives venue, Small Exchange, from London-listed IG Group.

Kraken also launched equity trading services in the US earlier in April. It offers stocks and exchange-traded funds (ETFs) trading in about a dozen US states. Recently, it expanded its equities offering by introducing stock lending features and allowing users to transfer their stock holdings from other brokerage platforms to Kraken.

“We are building what legacy financial systems were not designed to achieve,” Kraken noted.