Kraken, the crypto exchange preparing for an initial public offering (IPO), recorded a 33 per cent jump in its 2025 revenue to more than $2.2 billion, which, according to the company, was driven by “broad-based performance across trading and asset-based businesses.”
Of the total revenue, about 47 per cent came from trading activities, while the remaining 53 per cent came from asset-based activities and other sources.
Kraken’s co-CEO, Arjun Sethi, described the revenue as “well balanced.”
Key Performance Metrics Improved Significantly
The crypto firm’s adjusted EBITDA jumped by 26 per cent to $530.6 million.
Crypto trading activity also increased on the US-based platform, with total transaction volume reaching $2 trillion, a 34 per cent increase. Assets on the platform rose by 11 per cent to $48.2 billion.
Furthermore, the number of funded accounts reached 5.7 million, which was 50 per cent higher than the previous year.
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Kick-off for the IPO?
The results came as Kraken was preparing to list its shares publicly. Last November, it filed confidentially for an IPO with the US Securities and Exchange Commission (SEC). Although it did not confirm its listing valuation, it recently raised $800 million at a $20 billion valuation.
The exchange is also expanding in Europe and obtained a MiFID II licence by acquiring a Cyprus-based broker earlier this year. It then launched crypto perpetual contracts through the entity for European users.
Meanwhile, Kraken is expanding beyond traditional crypto offerings. It offers tokenised stocks and is placing strong focus on that area. Within months of launch, tokenised stocks on its platform reached more than $5 billion across both centralised and decentralised venues, and the number of users passed 37,000. Both figures are likely higher now.
Sethi also noted that he is taking inspiration from the success of Silicon Valley firms such as Amazon, Alphabet, and Meta to expand and grow Kraken’s revenue. The company also sees value in acquisitions and made several last year: the futures trading platform NinjaTrader, the prop trading firm Breakout, the derivatives trading platform Small Exchange, and the trading automation software Capitalise.ai.
“The company’s strategy is not driven by adding standalone products or chasing short-term cycles. It is driven by compounding efficiency across a single system,” Sethi added.
