Kraken posted a sharp rebound in third-quarter results as the crypto exchange moves more aggressively toward a 2026 U.S. initial public offering. According to figures cited by Bloomberg, the company reported revenue of $648 million for the quarter, up 114% year over year. Adjusted earnings reached $178.6 million, a notable turnaround from the slight loss recorded in the same period a year earlier.
Trading and platform metrics climbed strongly
The exchange also reported broad-based growth across its operating metrics. Quarterly trading volume rose 106% to $561.9 billion, while assets held on the platform increased 89% to $59.3 billion. Funded accounts grew to 5.2 million. Together, these figures suggest Kraken benefited from renewed activity across digital asset markets and improving user engagement.
IPO plans gain momentum
Bloomberg said Payward Inc., the operator of Kraken, is preparing for a public listing as the digital asset sector regains momentum. The publication had previously reported that Kraken was in talks to raise capital at a $20 billion valuation ahead of its IPO. While that valuation remains part of earlier reporting, it highlights the scale of investor interest around the company’s listing plans.
The report also noted that rival Coinbase is set to release earnings on Oct. 30, with analysts expecting a 49% revenue increase for the same period. Against that backdrop, Kraken’s latest results stand out, especially as revenue, volume, platform assets, and funded accounts all moved higher at the same time. That combination could strengthen its position as it heads toward a potential 2026 market debut.