The Currency analytics
By dan saada
Kraken just crushed expectations. The crypto exchange saw its 2025 revenue jump 33% to over $2.
Trading made up 47% of that revenue haul, while asset-based operations and other services brought in the rest.
Adjusted EBITDA surged 26% to $530.6 million. Transaction volume hit $2 trillion - that's a 34% jump from last year. Assets under management grew 11% to $48.2 billion.
Kraken's been busy buying up competitors and adjacent businesses. The exchange grabbed NinjaTrader, Breakout, Small Exchange, and Capitalise.ai over the past year.
Sethi said the acquisition spree takes inspiration from Amazon and Alphabet's playbook - build a unified system that can handle multiple services efficiently.
But Kraken's biggest bet might be tokenized stocks. The platform launched this service recently and already hit $5 billion in trading value.
The tokenized stock play puts Kraken in direct competition with traditional brokers. Users can trade blockchain versions of Apple, Tesla, Amazon shares without dealing with…
Kraken also made moves in Europe this year. The exchange bought a Cyprus-based broker to snag a MiFID II license.
The European expansion matters because it diversifies Kraken's revenue base. US crypto regulations remain murky, and having solid footing in Europe gives the company options if…
Kraken raised $800 million in its latest funding round, money that's going toward these expansion efforts and tech development.
The IPO filing remains confidential, so details about timing and share structure aren't public yet. But Kraken's pushing hard to get everything lined up.
Market conditions for crypto IPOs look better than they did two years ago. Bitcoin's been relatively stable above $40,000. Institutional adoption continues growing.
Kraken faces competition from Coinbase, which went public in 2021 and has struggled with volatile earnings tied to crypto price swings.
The company's international footprint also sets it apart. While Coinbase focuses heavily on the US market, Kraken operates in dozens of countries.
Sethi won't give specifics about IPO timing, but industry watchers expect an announcement within six months.