Kraken, one of the world’s leading crypto exchanges, reported that its third-quarter revenue more than doubled to $648 million, representing a 114% increase from the same period last year. The company, operating under Payward Inc., said adjusted pre-tax earnings reached $178.6 million, compared to a slightly negative figure a year ago, with trading volume climbing 23% to $561.9 billion.
The impressive performance strengthens Kraken’s preparations for a potential U.S. IPO in 2026, following a $500 million funding round that valued the company at $15 billion. The firm is positioning itself among other crypto players eyeing the public markets, including CoinDesk parent Bullish and Gemini.
Kraken’s strong financials come ahead of Coinbase’s Q3 earnings, due October 30, which analysts expect to show a 50% rise in adjusted revenue. The results highlight renewed market activity and growing investor confidence in regulated crypto exchanges.
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