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

Kraken, the US-based crypto alternate now getting into conventional finance, revealed that tokenised shares on its platform have exceeded $5 billion throughout each centralised and decentralised venues. The variety of distinctive holders of those tokenised shares additionally went previous 37,000.

The platform gives tokenised shares solely to its non-US clients.

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A Strong Soar in Income

The San Francisco-headquartered firm ended the third quarter of 2025 with income of $648 million, a rise of fifty per cent from the earlier quarter and 114 per cent year-on-year.

The alternate additionally highlighted that “income progress was broad-based throughout practically all merchandise,” with out 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 additionally elevated by 9 factors to 27.6 per cent.

Transaction quantity rose 23 per cent quarter-on-quarter to $561.9 billion. In the meantime, property on the platform grew 34 per cent to $59.3 billion. On the finish of Q3, the platform had 5.2 million funded accounts.

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Kraken’s Transfer in the direction of Mainstream Finance

Kraken posted these numbers amid ongoing expectations that it plans to go public subsequent yr. It’s reportedly elevating $500 million at a $15 billion valuation.

The alternate can be increasing past crypto. It obtained a MiFID II licence by buying a Cyprus-based dealer earlier this yr after which launched crypto perpetual contracts by way of it for European customers.

Within the US, the alternate purchased NinjaTrader earlier this yr for $1.5 billion, and extra not too long ago acquired one other CFTC-regulated derivatives venue, Small Alternate, from London-listed IG Group.

Kraken additionally launched fairness buying and selling providers within the US earlier in April. It gives shares and exchange-traded funds (ETFs) buying and selling in a few dozen US states. Not too long ago, it expanded its equities providing by introducing inventory lending options and permitting customers to switch their inventory holdings from different brokerage platforms to Kraken.

“We’re constructing what legacy monetary techniques weren’t designed to realize,” Kraken famous.

This text was written by Arnab Shome at www.financemagnates.com.



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