Kraken reported $648 million in third-quarter revenue, more than twice the amount from the same period last year, driven by $102 billion in trades and a 3.6 percent global market share the firm disclosed. The jump strengthens the balance sheet and moves the exchange closer to a U.S. stock market debut, drawing heightened attention from rivals and investors focused on ease of trading and regulatory compliance.
Full-year 2024 revenue reached $1.5 billion, up 128 percent from 2023, while adjusted EBITDA totaled $424 million, according to the same source. Momentum carried into 2025: Q1 delivered $472 million in revenue and $187 million in adjusted EBITDA, and Q2 added $412 million in revenue with about $80 million in adjusted EBITDA.
Kraken also closed a $500 million funding round valuing Kraken at $15 billion. The gains track back to heavier spot and derivatives turnover as more customers placed more orders, helping Kraken capture a wider slice of global flow. Adjusted EBITDA refers to operating profit with one-off costs removed to show core performance period to period.
Third-quarter growth stemmed from $102 billion in trading volume and a 3.6 percent global share, figures Kraken released itself. The combination of elevated activity and stronger finances leaves the company with a sturdier balance sheet, and it has put competitors and institutional investors on watch as the exchange scales while emphasizing rule-following.
Regulatory progress for Kraken and IPO outlook
Kraken paired expansion with legal cleanup: a U.S. regulator’s lawsuit was dismissed with prejudice, and federal agents dropped all claims against co-founder Jesse Powell, as reported by the firm. The company says a 2026 U.S. listing remains contingent on clear rules at home and abroad, including the EU’s MiCA framework alongside the draft U.S. CLARITY Act.
With more capital in hand, Kraken can spend on licenses and new features to attract larger institutions and deepen order books, yet questions linger over valuation durability and profit margins if trading slows. Risks include crypto price swings, sudden regulatory shifts in any jurisdiction, and the need to demonstrate robust governance to future public shareholders. The dismissed suit and cleared founder ease legal uncertainty, but the IPO still hinges on proving consistent compliance.
Kraken closes the quarter with record figures that reinforce its public-markets narrative. The next test is a formal step toward a 2026 U.S. listing, an outcome that will depend on regulatory clarity and whether the strong operating trends persist.
