Global cryptocurrency exchange Kraken has seen its quarterly revenue more than double, signaling renewed momentum in the digital asset sector as the company gears up for a potential U.S. public listing in 2026.
According to a Bloomberg report published Wednesday, Kraken’s Q3 revenue surged 114% year-over-year to $648 million, while adjusted earnings climbed to $178.6 million, marking a strong rebound from a modest loss in the same quarter last year. The exchange, operated by Payward Inc., is said to be preparing for an initial public offering (IPO) amid a wave of optimism surrounding the crypto industry under the Donald Trump administration, which has adopted a more favorable tone toward digital assets.
Bloomberg previously noted that Kraken has been in talks to raise funds at a $20 billion valuation ahead of its public debut — a move that could make it one of the largest crypto IPOs in U.S. history. Trading activity on the platform surged as well, with volumes up 106% to $561.9 billion, and total assets under custody rising 89% to $59.3 billion. The exchange also reported 5.2 million funded accounts, reflecting expanding user engagement and institutional participation.
Reporter Olga Kharif added that rival Coinbase is expected to report its earnings on October 30, with analysts forecasting a 49% increase in revenue for the same period, underscoring the sector’s recovery after two years of consolidation and regulatory uncertainty.
Founded in 2011, Kraken remains one of the oldest and most trusted U.S.-based crypto exchanges, known for its regulatory compliance, wide asset selection, and deep liquidity. The firm’s upcoming IPO — if completed — could mark a watershed moment for crypto’s integration into traditional capital markets, echoing Coinbase’s landmark 2021 listing but with far more mature market dynamics and global investor interest.
