All through the quarter, Kraken accelerated that momentum – introducing new product classes, enhancing shopper experiences and increasing platform-wide capabilities to strengthen our full product suite.
Our outcomes show the scalability of our multi-product platform and the resilience of our mannequin in a fast-changing market. By pairing innovation with self-discipline, we proceed to put the inspiration for an open, safe and globally linked monetary system.
Q3 monetary efficiency
Kraken achieved robust efficiency throughout a number of monetary and operational metrics. Q3 2025 revenues (internet of buying and selling prices) rose to $648.0 milliongrowing 50% quarter-over-quarter and setting a brand new all-time file for the corporate. Income development was broad-based throughout practically all merchandise, underscoring the depth and breadth of our platform.
Adjusted EBITDA reached $178.6 milliongrowing 124% quarter-over-quarter, as margins elevated 9 factors to 27.6%, reflecting disciplined value administration whereas persevering with to put money into development and innovation.
Complete platform transaction quantity climbed to $561.9 billiongrowing 23% quarter-over-quarter, whereas belongings on platform grew 34% for a similar interval to $59.3 billion. Kraken’s neighborhood continues to broaden with 5.2 million funded accounts as of quarter finish.
Following the NinjaTrader acquisition earlier this 12 months, we proceed to put money into and broaden our derivatives providing. We have now seen robust development throughout our platform with futures day by day common income trades (DARTs) reaching 741,000 in Q3, growing 42% quarter-over-quarter.
Final week’s acquisition of Small Alternatea CFTC-regulated Designated Contract Market (DCM), supplies us with direct market-access infrastructure within the U.S. and establishes a basis to strengthen our U.S.-native derivatives product suite.
Compounding innovation
At Kraken, innovation doesn’t occur in isolation – it builds on itself. Each product we launch strengthens the subsequent, making a compounding system of development, belief and liquidity. We proceed to execute and deploy at tempo, and Q3 evidenced that momentum as we unlocked new merchandise for skilled merchants, establishments and customers.
Rolling out xStocks
Kraken pioneered a brand new class of investing with the introduction of tokenized equities. In July, we launched xStocks in partnership with Backed, providing 60 tokenized representations of U.S. shares to shoppers in additional than 160 nations (excluding the U.S.). This innovation offers non-U.S. traders new methods to achieve publicity to conventional equities via digital belongings that may commerce permissionlessly, across the clock and throughout a number of ecosystems.
From the outset, xStocks was constructed to be blockchain-neutral and platform-agnosticguaranteeing liquidity isn’t trapped in silos or walled gardens. As a substitute, it flows freely throughout quite a few DeFi protocols on Solana, Ethereum and TRON. By grounding tokenized equities in regulated infrastructure whereas enabling seamless onchain motion, our aim is to bridge institutional-grade compliance with DeFi-native composability.
The xStocks alliance has grown to incorporate Bybit, Phantom, OKX Pockets and Pockets in Telegramamongst others. Up to now, xStocks has surpassed $5 billion in mixed CEX and DEX quantitygenerated over $1 billion in on-chain transactions and reached greater than 37,000 distinctive holders.
On Kraken, xStocks can be found to non-U.S. traders via each the Kraken Client App and Kraken Professional. In Septemberwe expanded availability to the EUthe place early adoption has been very robust.
Empowering skilled merchants
Kraken continues to redefine skilled buying and selling via new merchandise and clever automation:
- Launch of U.S. regulated derivatives: Kraken now provides CME-listed futures tied to main cryptocurrencies like Bitcoin, Ether and Solanawith various maturity dates and aggressive pricing of simply 0.5 foundation factors.This allows shoppers to commerce a complete suite of crypto futures alongside Kraken’s main spot markets, all inside a regulated and high-performance setting.
- Acquisition of Capitalise.ai: Brings no-code automation to Kraken Professional, enabling merchants of all expertise ranges to design, take a look at and automate methods in plain language.
- Acquisition of Breakout: Expands our prop buying and selling capabilities and supplies expert merchants with the chance to earn funds for efficiently deploying methods at scale. Breakout permits certified customers to entry as much as $200,000 in notional capital and retain as much as 90% of incomestraight inside Kraken Professional.
Scaling institutional merchandise
Kraken continues to considerably scale up its certified custody providing and has grow to be a trusted associate for establishments looking for safe, compliant entry to digital belongings. This quarter, Kraken was chosen for custody and buying and selling by numerous digital asset treasury corporationsaffirming our management in safety and infrastructure.
In a landmark transfer, Kraken grew to become the first main alternate to totally undertake distributed validator expertise (DVT) throughout its Ethereum staking infrastructure by way of the SSV Community protocol. This transition represents a serious leap ahead in decentralization and validator resiliencereinforcing our dedication to a extra open, safe monetary future.
Increasing entry for customers
From retail merchants to first-time crypto customers, Kraken continues to broaden entry to the brand new monetary frontier:
- Perpetual futures for customers: Bringing refined buying and selling devices to a broader viewers who wish to align their methods with how they consider market pricing will transfer sooner or later.
- New native funding rails: Added native deposit choices in Argentina and Mexicoenabling smoother fiat onramps for customers in two of the area’s most energetic crypto markets.
- PayPal-enabled USD deposits: As a substitute of typing in financial institution credentials, shoppers can fund their Kraken account immediately utilizing the identical PayPal account they use to make purchases.
- Kraken Launch: A brand new token launchpad that empowers shoppers to entry early-stage tasks. We’re constructing scalable infrastructure that democratizes token gross sales and unites communities with builders for the subsequent era of finance.
- Assist for stablecoin development: The passage of the GENIUS Act additional strengthens the regulatory basis for stablecoins – a catalyst for much more stablecoin adoption. We maintained our robust place in stablecoins, with our share of steady/fiat spot volumes nicely above 60% all through the quarter.
Transparency via Proof of Reserves
At the moment, we additionally introduced the completion of our newest Proof of Reserves for supported cryptocurrencies custodied securely by Kraken as of September 30, 2025:
Each quarter, Kraken shoppers can verify their belongings are totally backed on-chain. They will confirm that their account steadiness was included within the Proof of Reserves report, independently validated by Kraken’s third-party accountancy agency.
Kraken pioneered the follow of normal Proof of Reserves – nicely earlier than it grew to become an business expectation – and we stay one of many few platforms to carry out this course of.
A glance forward
Q3 2025 outcomes underscore Kraken’s velocity of execution – not simply in monetary efficiency, however in shaping the techniques that we consider will outline the subsequent period of finance.
We’re constructing what legacy monetary techniques weren’t designed to realize; we’re connecting our infrastructure into a single digital community the place capital strikes seamlessly throughout asset lessons, time zones and use circumstances.
A system that enables shoppers to speculate and commerce something, wherever — immediately and securely, with out friction or fragmentation. That is greater than an evolution; it’s the inspiration of a brand new world working system constructed for openness, velocity and scale.
Non-GAAP metrics
Income and Adjusted EBITDA are non-GAAP monetary measures utilized by Administration internally to grasp, handle, and consider the enterprise and make working choices. We consider these measures present further perception into our operational efficiency and assist facilitate comparisons for the interval indicated. Income is derived by subtracting GAAP buying and selling prices, internet from complete GAAP gross revenues and permits for better comparability to look exchanges. EBITDA is earnings earlier than curiosity, taxes, depreciation and amortization. Adjusted EBITDA excludes irregular, non-recurring, and/or discretionary bills and is meant to offer a clearer view of the corporate’s core profitability. Offered metrics embody NinjaTrader ranging from Could 1, 2025 onward. Prior durations have been revised to adapt to present interval presentation.
The knowledge supplied on this communication is for informational functions solely and doesn’t represent a proposal, solicitation, or advice to purchase or promote any token, safety or monetary instrument. It isn’t supposed as, and shall not be relied upon as, funding, monetary, authorized, or tax recommendation. Previous efficiency isn’t essentially indicative of future outcomes.
Key metrics
Complete platform transaction quantity: Complete platform transaction quantity represents the mixture notional worth, expressed in U.S. greenback phrases, of all transactions executed throughout the Firm’s platforms throughout the interval introduced. This contains transaction exercise in Spot, Margin, Client, OTC Spot, Equities, xStocks, Krak, Earn and Funding (throughout all platforms).
Property on platform (finish of interval): Complete belongings on platform represents the mixture worth, expressed in U.S. greenback phrases, of belongings held by the Firm’s prospects throughout all merchandise and asset varieties, together with crypto belongings, equities and fiat currencies, measured as of the final day of the fiscal quarter. This metric contains belongings held on the Firm’s platforms in addition to belongings held via affiliated platforms, together with NinjaTrader.
Funded accounts (finish of interval): Complete funded accounts represents the whole variety of distinct buyer accounts throughout the Firm’s platforms and merchandise that maintained a steadiness better than zero as of the final day of the fiscal quarter. Sub-accounts are counted as separate accounts for functions of this metric. Complete funded accounts contains accounts held via affiliated platforms, together with NinjaTrader.
Futures DARTs: Futures DARTs represents day by day common income trades throughout TradFi futures and perpetual crypto futures, calculated as: complete variety of futures trades/buying and selling days.
Buying and selling days: Buying and selling days are calculated as the whole variety of calendar days within the quarter.
