Kraken’s Q3 2025 Performance: Record Revenue Growth and $5 Billion Tokenized Stock Milestone
In a remarkable demonstration of the cryptocurrency exchange's expanding market presence, Kraken has reported extraordinary financial results for the third quarter of 2025. The San Francisco-based platform achieved a staggering 114% year-over-year revenue surge, reaching $648 million, signaling robust growth in the digital asset sector. This performance is particularly noteworthy given the current market conditions and reflects increasing institutional and retail adoption of cryptocurrency services. The exchange's tokenized stock trading volume crossed the monumental $5 billion threshold, attracting over 37,000 unique holders globally. However, this innovative offering remains limited to non-US clients due to regulatory considerations, highlighting the evolving landscape of digital securities trading. Beyond tokenized stocks, Kraken's core exchange business showed strong momentum with quarterly transaction volume increasing by 23% to $561.9 billion, indicating sustained trading activity across cryptocurrency pairs. The platform's custody services also demonstrated significant growth, with assets under custody expanding by 34% to $59.3 billion, underscoring institutional confidence in Kraken's security infrastructure and compliance standards. These results collectively paint a picture of a maturing cryptocurrency ecosystem where traditional financial instruments and digital assets increasingly converge. The impressive adjusted EBITDA figures, though not fully detailed in the available data, suggest efficient operational management and sustainable profitability. Kraken's Q3 2025 performance not only sets new benchmarks for cryptocurrency exchanges but also indicates the growing mainstream acceptance of digital asset platforms as legitimate financial service providers. The exchange's strategic focus on diversified product offerings, including tokenized traditional assets, positions it well for continued growth in the evolving global financial landscape.
Kraken’s Q3 Revenue Surges as Tokenized Stock Volume Hits $5 Billion
Kraken, the San Francisco-based cryptocurrency exchange, reported a 114% year-over-year revenue jump to $648 million in Q3 2025. Tokenized stock trading volume surpassed $5 billion, with over 37,000 unique holders—though the offering remains exclusive to non-US clients.
The platform's transaction volume ROSE 23% quarter-on-quarter to $561.9 billion, while assets under custody grew 34% to $59.3 billion. Adjusted EBITDA skyrocketed 124% to $178.6 million, reflecting a 27.6% margin.
Kraken's performance comes amid speculation of a 2026 IPO, with reports suggesting a $500 million raise at a $15 billion valuation. The exchange continues bridging crypto and traditional finance, recently securing MiFID II compliance for European expansion.
Ethereum Foundation Faces Scrutiny After 160K ETH Transfer
The ethereum Foundation has transferred 160,000 ETH, worth approximately $654 million, to a wallet historically associated with selling Ether. Blockchain analytics firm Arkham Intelligence identified the transaction, noting the destination wallet's prior activity involving exchanges like Kraken and SharpLink Gaming.
Hsiao-Wei Wang, co-Executive Director of the Ethereum Foundation, clarified on X that the move was part of a routine wallet migration, not a sale. Such migrations are standard for security and treasury management. Despite the explanation, the transfer reignited debates about transparency and governance within the Ethereum ecosystem.
Péter Szilágyi, former lead developer of Geth, resurfaced concerns about internal governance, suggesting favoritism toward the Foundation's 'inner circle,' including co-founder Vitalik Buterin. The timing of the transfer amplifies existing skepticism about centralized influence in Ethereum's decentralized framework.
