Kraken Reports 50% Revenue Growth in Q3 2025

TLDR

• Kraken's Q3 2025 revenue reached $648 million, up 50%.
• Total transaction volume hit $576.8 billion, a 26% increase.
• Kraken raised $1.5 billion in funding during 2025.

Payward, Inc., the parent company of cryptocurrency exchange Kraken, has reported significant financial growth in 2025. The report reveals a 50% quarter-over-quarter increase in adjusted revenues, amounting to $648 million for the third quarter. Acquisitions and diversified product offerings, such as derivatives and staking, are key contributors to this growth, according to Payward.

The company's platform assets have reached $59.3 billion, driven by acquisitions including NinjaTrader, Small Exchange, Capitalise.ai, Breakout, and Backed Finance AG. These strategic acquisitions align with Kraken's plan to become a multi-asset platform, supporting its business expansion goals.

Kraken's Leadership and Strategic Direction

David Ripley, Kraken's CEO since 2020, leads the company's expansion efforts. His extensive experience includes working as COO at Kraken and in product leadership at Square. Ripley guides Kraken in pairing innovation with discipline, focusing on creating a globally connected financial system.

Arjun Sethi, co-CEO and co-founder, plays a vital role in shaping Kraken's strategy. Having co-founded the company with Thanh Luu and Jesse Powell in 2011, Sethi's background includes leadership positions at YouTube and Stanford startups, emphasizing blockchain security from Kraken's inception.

Investment and Funding Highlights

Kraken raised a total of approximately $1.5 billion in 2025. In November, the company secured $800 million at a $20 billion valuation from investors such as Apollo, Oppenheimer, Jane Street, HSG, DRW, and Tribe Capital. Citadel Securities also invested $200 million.

Earlier in September 2025, Kraken raised $500 million at a $15 billion valuation. This funding reflects the confidence of institutional investors in Kraken's multi-product expansion and strategic direction toward becoming a hybrid platform.

Platform and Market Metrics

Kraken's platform supports major assets like Bitcoin (BTC) and Ethereum (ETH), along with a variety of altcoins. The third quarter of 2025 saw total transaction volume reach $576.8 billion, marking a 26% increase from the previous quarter.

The company's assets on the platform grew by 34%, fueling future growth potential. xStocks, a product offering tokenized equities, achieved a combined volume of $5 billion across centralized and decentralized exchange transactions.

"By pairing innovation with discipline, we continue to lay the foundation for an open, secure, and globally connected financial system."

Kraken's Official Blog

Historical Context and Recent Developments

Kraken's strategy of diversification followed the acquisition of NinjaTrader. In the second quarter of 2025, the company reported a 15% year-over-year rise in adjusted revenue, amounting to $432 million. During this period, trading volume and platform assets also showed significant growth.

The company's 2024 full-year revenue was $1.5 billion with a trading volume of $665 billion. These baseline figures provided a foundation for subsequent growth, leading to a 33% increase in revenue in 2025, reaching approximately $2 billion. Refer to Q3 2025 Financial Highlights from Kraken and Kraken's Q2 2025 Financials Overview for additional details.

Cryptocurrencies and Token Offerings

Kraken continues to offer a wide range of cryptocurrencies, including BTC, ETH, and various altcoins. The platform emphasizes staking as a revenue model, while also providing options for multi-collateral derivatives. Token offerings on Kraken Pro and the token launchpad diversify the range of assets available to investors.

Innovation in tokenized products like xStocks reflects Kraken's shift toward a multi-asset platform. This strategic move aims to compete with traditional crypto exchanges by offering diverse financial products and opportunities for on-chain engagement.