Kraken Q3 Revenue Jumps 114% to $648M as Derivatives, Tokenized Stocks Surge Ahead of US IPO
Kraken Q3 revenue jumped to $648 million, marking a 114% year-on-year and 50% quarter-on-quarter increase. Adjusted EBITDA rose to $178.6 million with a 27.6% margin. Transaction volume climbed 23% to $561.9 billion, and platform assets expanded 34% to $59.3 billion.
Derivatives trading saw 741,000 daily average revenue trades (DARTs), up 42% from Q2, driven by the NinjaTrader acquisition and CFTC approval via Small Exchange. Kraken launched xStocks with 60 tokenized U.S. equities on Solana, Ethereum and TRON, achieving $5 billion in volume. Kraken Q3 revenue growth was further supported by CME-listed futures for BTC, ETH and SOL at 0.5 bp fees, plus Capitalise.ai and Breakout integrations.
Institutional services scaled with distributed validator technology for ETH staking and new custody deals. Retail investors gained local fiat options in Argentina and Mexico, along with PayPal USD funding. A completed Proof of Reserves audit reinforces transparency as Kraken prepares for its US IPO.
Bullish
Kraken Q3 revenue surge and robust earnings signal strong market demand and efficient cost management. The 42% rise in derivatives DARTs and launch of xStocks with $5 billion volume highlight product innovation that can drive new trading flows. Institutional-grade features—Proof of Reserves audit, ETH staking tech, custody deals—and local fiat options broaden user access and trust. Preparations for a US IPO add positive sentiment. These factors support both short-term bullish momentum and long-term confidence in Kraken’s growth trajectory.