Kraken Reports $2.2 Billion Revenue in 2025, Ahead of Potential IPO

Crypto exchange Kraken reported a sharp rise in revenue in 2025, as the company continues preparations for a potential initial public offering (IPO).

The US-based firm said annual revenue increased 33 per cent to more than $2.2 billion, supported by what it described as “broad-based performance across trading and asset-based businesses.” Trading activity accounted for roughly 47 per cent of total revenue, while asset-based activities and other sources contributed the remaining 53 per cent.

Kraken’s adjusted EBITDA rose 26 per cent year-on-year to $530.6 million, indicating improved operating performance. Trading volumes on the platform reached $2 trillion during the year, representing a 34 per cent increase. Assets held on the exchange climbed 11 per cent to $48.2 billion, and the number of funded accounts grew 50 per cent to 5.7 million.

Co-CEO Arjun Sethi described the company’s revenue mix as “well balanced,” pointing to diversification across multiple business lines.

The financial update comes as Kraken advances plans for a public listing. The company filed confidentially for an IPO with the US Securities and Exchange Commission in November, though it has not disclosed a target valuation. It recently raised $800 million at a reported valuation of $20 billion.

Kraken has also been expanding its international footprint and product range. In Europe, the exchange obtained a MiFID II licence through the acquisition of a Cyprus-based broker and has since launched crypto perpetual contracts for European users.

Beyond spot crypto trading, Kraken has been building offerings in tokenised equities, an area it has identified as a strategic focus. Within months of launch, tokenised stocks on the platform exceeded $5 billion in value across centralised and decentralised venues, with more than 37,000 users.

Sethi said the company is taking inspiration from large technology firms such as Amazon, Alphabet and Meta as it seeks to broaden revenue streams and improve efficiency. He added that Kraken’s approach centres on “compounding efficiency across a single system,” rather than pursuing short-term product expansions.

Over the past year, Kraken has completed several acquisitions, including futures trading platform NinjaTrader, proprietary trading firm Breakout, derivatives venue Small Exchange, and trading automation provider Capitalise.ai.