All through the quarter, Kraken accelerated that momentum – introducing new product classes, enhancing consumer experiences and increasing platform-wide capabilities to strengthen our full product suite.
Our outcomes reveal 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 (web of buying and selling prices) rose to $648.0 million, growing 50% quarter-over-quarter and setting a brand new all-time file for the corporate. Income progress was broad-based throughout almost all merchandise, underscoring the depth and breadth of our platform.
Adjusted EBITDA reached $178.6 million, growing 124% quarter-over-quarter, as margins elevated 9 factors to 27.6%, reflecting disciplined price administration whereas persevering with to spend money on progress and innovation.
Whole platform transaction quantity climbed to $561.9 billion, growing 23% quarter-over-quarter, whereas property on platform grew 34% for a similar interval to $59.3 billion. Kraken’s group continues to develop with 5.2 million funded accounts as of quarter finish.
Following the NinjaTrader acquisition earlier this 12 months, we proceed to spend money on and develop our derivatives providing. We’ve got seen robust progress 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 Change, a CFTC-regulated Designated Contract Market (DCM), gives 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 following, making a compounding system of progress, 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 international locations (excluding the U.S.). This innovation offers non-U.S. traders new methods to realize publicity to conventional equities by means of digital property 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-agnostic, guaranteeing liquidity isn’t trapped in silos or walled gardens. As an alternative, 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 purpose is to bridge institutional-grade compliance with DeFi-native composability.
The xStocks alliance has grown to incorporate Bybit, Phantom, OKX Pockets and Pockets in Telegram, amongst others. So far, xStocks has surpassed $5 billion in mixed CEX and DEX quantity, generated 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 by means of each the Kraken Shopper App and Kraken Professional. In September, we expanded availability to the EU, the place early adoption has been very robust.
Empowering skilled merchants
Kraken continues to redefine skilled buying and selling by means of new merchandise and clever automation:
- Launch of U.S. regulated derivatives: Kraken now gives CME-listed futures tied to main cryptocurrencies like Bitcoin, Ether and Solana, with numerous 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 atmosphere.
- Acquisition of Capitalise.ai: Brings no-code automation to Kraken Professional, enabling merchants of all expertise ranges to design, check and automate methods in plain language.
- Acquisition of Breakout: Expands our prop buying and selling capabilities and gives 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 income, immediately inside Kraken Professional.
Scaling institutional merchandise
Kraken continues to considerably scale up its certified custody providing and has grow to be a trusted accomplice for establishments in search of safe, compliant entry to digital property. This quarter, Kraken was chosen for custody and buying and selling by numerous digital asset treasury firms, affirming our management in safety and infrastructure.
In a landmark transfer, Kraken turned the first main alternate to totally undertake distributed validator expertise (DVT) throughout its Ethereum staking infrastructure through the SSV Community protocol. This transition represents a significant leap ahead in decentralization and validator resilience, reinforcing our dedication to a extra open, safe monetary future.
Increasing entry for customers
From retail merchants to first-time crypto customers, Kraken continues to develop entry to the brand new monetary frontier:
- Perpetual futures for customers: Bringing refined buying and selling devices to a broader viewers who need 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 Mexico, enabling smoother fiat onramps for customers in two of the area’s most energetic crypto markets.
- PayPal-enabled USD deposits: As an alternative 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 initiatives. We’re constructing scalable infrastructure that democratizes token gross sales and unites communities with builders for the following technology of finance.
- Assist for stablecoin progress: 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 properly above 60% all through the quarter.
Transparency by means of Proof of Reserves
At present, 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 property are totally backed on-chain. They’ll 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 apply of standard Proof of Reserves – properly earlier than it turned 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 following 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 courses, time zones and use circumstances.
A system that permits shoppers to take a position and commerce something, anyplace — immediately and securely, with out friction or fragmentation. That is greater than an evolution; it’s the inspiration of a brand new international 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 know, handle, and consider the enterprise and make working choices. We consider these measures present extra perception into our operational efficiency and assist facilitate comparisons for the interval indicated. Income is derived by subtracting GAAP buying and selling prices, web from complete GAAP gross revenues and permits for larger comparability to see 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 supply a clearer view of the corporate’s core profitability. Introduced metrics embody NinjaTrader ranging from Could 1, 2025 onward. Prior durations have been revised to evolve to present interval presentation.
The knowledge offered on this communication is for informational functions solely and doesn’t represent a proposal, solicitation, or suggestion to purchase or promote any token, safety or monetary instrument. It’s not 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
Whole platform transaction quantity: Whole platform transaction quantity represents the combination 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, Shopper, OTC Spot, Equities, xStocks, Krak, Earn and Funding (throughout all platforms).
Property on platform (finish of interval): Whole property on platform represents the combination worth, expressed in U.S. greenback phrases, of property held by the Firm’s prospects throughout all merchandise and asset sorts, together with crypto property, equities and fiat currencies, measured as of the final day of the fiscal quarter. This metric contains property held on the Firm’s platforms in addition to property held by means of affiliated platforms, together with NinjaTrader.
Funded accounts (finish of interval): Whole funded accounts represents the overall variety of distinct buyer accounts throughout the Firm’s platforms and merchandise that maintained a steadiness larger than zero as of the final day of the fiscal quarter. Sub-accounts are counted as separate accounts for functions of this metric. Whole funded accounts contains accounts held by means of 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 overall variety of calendar days within the quarter.
