Altcoins News
By Dan Saada
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Kraken just crushed expectations. The crypto exchange saw its 2025 revenue jump 33% to over $2.
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Trading made up 47% of that revenue haul, while asset-based operations and other services brought in the rest.
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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.
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Kraken's been busy buying up competitors and adjacent businesses. The exchange grabbed NinjaTrader, Breakout, Small Exchange, and Capitalise.ai over the past year.
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Sethi said the acquisition spree takes inspiration from Amazon and Alphabet's playbook - build a unified system that can handle multiple services efficiently.
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But Kraken's biggest bet might be tokenized stocks. The platform launched this service recently and already hit $5 billion in trading value.
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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…
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Kraken also made moves in Europe this year. The exchange bought a Cyprus-based broker to snag a MiFID II license.
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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…
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Kraken raised $800 million in its latest funding round, money that's going toward these expansion efforts and tech development.
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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.
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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.
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Kraken faces competition from Coinbase, which went public in 2021 and has struggled with volatile earnings tied to crypto price swings.
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The company's international footprint also sets it apart. While Coinbase focuses heavily on the US market, Kraken operates in dozens of countries.
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Sethi won't give specifics about IPO timing, but industry watchers expect an announcement within six months.
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