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 display 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 muse for an open, safe and globally related monetary system.

Q3 monetary efficiency

Kraken achieved sturdy efficiency throughout a number of monetary and operational metrics. Q3 2025 revenues (internet of buying and selling prices) rose to $648.0 million, rising 50% quarter-over-quarter and setting a brand new all-time document 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 million, rising 124% quarter-over-quarter, as margins elevated 9 factors to 27.6%, reflecting disciplined price administration whereas persevering with to spend money on development and innovation.

Complete platform transaction quantity climbed to $561.9 billion, rising 23% quarter-over-quarter, whereas property on platform grew 34% for a similar interval to $59.3 billion. Kraken’s group continues to increase with 5.2 million funded accounts as of quarter finish.

Following the NinjaTrader acquisition earlier this yr, we proceed to spend money on and increase our derivatives providing. We now have seen sturdy development throughout our platform with futures each day common income trades (DARTs) reaching 741,000 in Q3, rising 42% quarter-over-quarter.

Final week’s acquisition of Small Change, a CFTC-regulated Designated Contract Market (DCM), offers 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 shoppers.

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 purchasers in additional than 160 nations (excluding the U.S.). This innovation provides non-U.S. buyers new methods to realize publicity to conventional equities by way 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, making certain 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 objective 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. Up to now, 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. buyers by way of each the Kraken Client App and Kraken Professional. In September, we expanded availability to the EU, the place early adoption has been very sturdy.

Empowering skilled merchants 

Kraken continues to redefine skilled buying and selling by way of 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 Solana, with various maturity dates and aggressive pricing of simply 0.5 foundation factors.This permits purchasers 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, take a look at and automate methods in plain language.
• Acquisition of Breakout: Expands our prop buying and selling capabilities and offers expert merchants with the chance to earn funds for efficiently deploying methods at scale. Breakout allows 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 turn out to be a trusted associate for establishments in search of safe, compliant entry to digital property. This quarter, Kraken was chosen for custody and buying and selling by quite a lot of digital asset treasury firms, affirming our management in safety and infrastructure. 

In a landmark transfer, Kraken turned the first main trade to completely undertake distributed validator know-how (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 shoppers

From retail merchants to first-time crypto customers, Kraken continues to increase entry to the brand new monetary frontier:

• Perpetual futures for shoppers: Bringing subtle buying and selling devices to a broader viewers who wish to align their methods with how they imagine 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 lively crypto markets.
• PayPal-enabled USD deposits: As an alternative of typing in financial institution credentials, purchasers 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 purchasers to entry early-stage tasks. We’re constructing scalable infrastructure that democratizes token gross sales and unites communities with builders for the subsequent technology of finance.
• Help 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 sturdy place in stablecoins, with our share of secure/fiat spot volumes properly above 60% all through the quarter.

Transparency by way of Proof of Reserves

Right now, 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 purchasers can verify their property are absolutely 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 observe of normal Proof of Reserves – properly earlier than it turned an trade expectation – and we stay one of many few platforms to carry out this course of.

A glance forward

Q3 2025 outcomes underscore Kraken’s pace of execution – not simply in monetary efficiency, however in shaping the methods that we imagine will outline the subsequent period of finance.

We’re constructing what legacy monetary methods 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 permits purchasers 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 muse of a brand new world working system constructed for openness, pace 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 imagine 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 whole GAAP gross revenues and permits for larger 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 embrace NinjaTrader ranging from Might 1, 2025 onward. Prior durations have been revised to evolve to present interval presentation.  

The data 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 meant as, and shall not be relied upon as, funding, monetary, authorized, or tax recommendation. Previous efficiency shouldn’t be essentially indicative of future outcomes.

Key metrics

Complete platform transaction quantity: Complete platform transaction quantity represents the combination notional worth, expressed in U.S. greenback phrases, of all transactions executed throughout the Firm’s platforms in the course of the interval introduced. This consists of transaction exercise in Spot, Margin, Client, OTC Spot, Equities, xStocks, Krak, Earn and Funding (throughout all platforms).

Belongings on Platform (finish of interval): Complete 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 consists of property held on the Firm’s platforms in addition to property held by way of 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 larger 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 consists of accounts held by way of affiliated platforms, together with NinjaTrader.

Futures DARTs: Futures DARTs represents each day common income trades throughout TradFi futures and perpetual crypto futures, calculated as: whole 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.