Kraken Sees 23% Growth in Transaction Volume Over Q2

Cryptocurrency platform Kraken said Wednesday (Oct. 22) that its revenues rose 50% in the third quarter. Revenues reached a record high of $648 million.

“Revenue growth was broad-based across nearly all products, underscoring the depth and breadth of our platform,” the company said in a Wednesday blog post.

Kraken also saw quarter-over-quarter growth of 23% in transaction volume, which reached $561.9 billion. Additionally, there was a 34% increase in assets on the platform, which rose to $59.3 billion, according to the post.

The number of funded accounts grew to 5.2 million as of the end of the third quarter, per the post.

Kraken noted in the post that it acquired futures trading platform NinjaTrader earlier this year. It also acquired the Commodity Futures Trading Commission-regulated designated contract market Small Exchange last week.

The addition of NinjaTrader helped grow the company’s derivatives offering. Futures daily average revenue trades grew 42% during the third quarter to reach 741,000, according to the post.

The purchase of Small Exchange provides Kraken with direct market-access infrastructure in the United States, per the post.

Kraken’s other recent additions include tokenized equities powered by Backed called xStocks. It also includes U.S.-regulated derivatives and no-code automation enabled by its acquisition of Capitalise.ai. Additionally, there are prop trading capabilities enabled by its acquisition of Breakout.

The company is also scaling up its qualified custody offering. It has added perpetual futures for consumers, local deposit options in Argentina and Mexico, and PayPal-enabled U.S. dollar deposits. In addition, there is a new token launchpad called Kraken Launch, according to the post.

“We are building what legacy financial systems were not designed to achieve; we are connecting our infrastructure into a single digital network where capital moves seamlessly across asset classes, time zones and use cases,” Kraken said in the post.

According to a Sept. 25 report, Kraken raised $500 million in a funding round that valued the company at $15 billion and that was part of its final preparations for an initial public offering.

Kraken was preparing to go public as soon as the first quarter of 2026, according to a report in March. Those plans could change.

The company told Bloomberg in March that it releases financial highlights “to be more transparent about our business, which is something we started by being first to publish proof of reserves, and we’re going to continue to prioritize going forward.”