US-based crypto exchange Kraken reported record Q3 2025 revenue of $648 million, marking a 50% quarter-over-quarter increase and 114% year-over-year growth. Adjusted EBITDA reached $178.6 million, driven by increased trading volumes and higher institutional adoption. The firm attributed growth to expanded staking services and strong retail participation amid renewed digital asset inflows. CEO Dave Ripley said the company is preparing for a potential IPO as compliance and licensing frameworks strengthen across jurisdictions. Kraken plans to scale derivatives offerings while enhancing security infrastructure and API integration for partners.