Overview
- Revenue reached $648 million in Q3 2025, up roughly 50% from Q2 and 114% year over year, with growth described as broad-based across products.
- Adjusted EBITDA rose to $178.6 million, up 124% quarter over quarter, as total platform volume climbed 23% to $561.9 billion.
- Assets on platform increased 34% to $59.3 billion, and funded accounts grew to 5.2 million by quarter end.
- xStocks surpassed $5 billion in combined trading volume with more than 37,000 unique holders, offering non‑U.S. clients tokenized exposure backed one‑to‑one by shares issued via Backed Finance and held with a regulated European custodian.
- Kraken is expanding through acquisitions including NinjaTrader and the Small Exchange to build out U.S. derivatives capabilities, while reports also describe a planned Caribbean staff retreat and one‑off employee bonuses that the company declined to comment on.