Not Just Survival: Kraken Thrives and Redefines the Crypto Market with xStocks

Kraken's Q3 2025 painted a vivid picture of a maturing crypto market and a mature company aiming for a long-awaited public debut.

With $648m in revenue and $178.6m in adjusted EBITDA, Kraken posted its highest ever Q3 profits, up 114% year-on-year. Unlike some counterparts that have struggled during the current bearish cycle, Kraken has proven to not only survive, but thrive.

Explosive Growth and Operational Discipline

In Q3 2025, Kraken's revenues increased by 50% quarter-on-quarter and 114% year-on-year, a result that reflects the strength of its diversified product offering and operational discipline.

Adjusted EBITDA of $178.6m jumped 124% from Q2, with margins expanding to 27.6%.

Trading volumes reached $561.9bn, a 23% increase from the previous quarter, while assets on the platform amounted to an impressive $59.3bn. The exchange's funded accounts rose to 5.2 million, firmly positioning Kraken among the top-tier exchanges such as Coinbase and Binance.

Strategic Expansion and Product Innovation

This growth did not happen in isolation. 2025 was a transformational year for Kraken's infrastructure and product portfolio. Its acquisitions, from NinjaTrader to Small Exchange, have strengthened its grip on derivatives trading, while also providing direct market access in the US and a solid regulatory base that competitors such as Binance still struggle to secure.

Kraken's latest innovation, xStocks, developed in partnership with Backed, blurs the boundaries between Wall Street and Web3. This new product allows investors in over 160 countries to access tokenized versions of US stocks without intermediaries or market hours.

In just a few months, xStocks has recorded over $5 billion in trading volume, demonstrating Kraken's vision of building the tracks to a truly global, always-on economy.

The Road To Public Listing

With these numbers, speculation about a Kraken IPO is more concrete than ever. The company raised $500 million earlier this year at a valuation of $15 billion and is reportedly in advanced talks to finalise another funding round at around $20 billion. This would position it for a potential listing in 2026.

With its transparent Proof-of-Reserves model and diversified revenue streams, Kraken joins the potential wave of crypto exchanges going public, but it does so with stronger operational and regulatory underpinnings than many of its peers.

Q3 performance testifies to how much the crypto economy has matured: Kraken now moves more like a disciplined financial institution than a startup, maintaining the agility typical of Web3.