Ahead of one of the most anticipated initial public offerings (IPOs) in the digital asset sector, US-based crypto exchange Kraken has reported record revenue for the third quarter (Q3) of the year.

New Kraken Exchange Milestones

In a statement released on Wednesday, Kraken revealed that its Q3 2025 revenues (net of trading costs) reached $648.0 million, marking a 50% increase quarter-over-quarter and setting a new all-time high for the company.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) soared to $178.6 million, a 124% increase compared to the previous quarter, with margins rising by nine points to 27.6%.

Total platform transaction volume climbed to $561.9 billion, up 23% from the previous quarter of the year, while assets on the platf

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