Terrill Dicki
May 13, 2026 05:10
Kraken’s revenue tripled to $2.2B in 2025, fueled by trading volume and acquisitions, as the exchange nears its US IPO launch.
Kraken, one of the largest cryptocurrency exchanges in the U.S., is gearing up for a public listing while reporting significant financial growth. The exchange’s adjusted revenue soared from $0.7 billion in 2023 to $2.2 billion in 2025, with $531 million in EBITDA last year, according to a new report.
This growth has been driven by a combination of surging trading volumes and aggressive acquisitions. Kraken averaged $1.07 billion in monthly spot trading volume during the first four months of 2026, with weekdays seeing significantly higher activity than weekends. Perpetual futures trading lagged behind, averaging $0.68 billion monthly over the same period.
February 5, 2026, marked a standout trading day as Bitcoin plunged 14.1% from $73,100 to $62,800, triggering a surge in both spot ($3.51 billion) and perpetual ($2.52 billion) trading volumes. Despite a temporary dip in open interest (OI) to $227.45 million following the crash, Kraken’s OI has since rebounded to $320.06 million, illustrating the platform’s resilience.
Kraken’s reserves, however, have declined by 5.1% in 2026, falling to $14.36 billion by May. Ethereum reserves were hit hardest, with a 21.4% outflow and a $487.4 million decline in value, while stablecoin holdings dropped by 43.4% to $424.6 million.
Shifts in Listings and Trading Activity
In early 2026, Kraken listed 147 new tokens, with nearly half focused on tokenized assets like real-world assets (RWAs) and xStocks, reflecting its shift toward innovative financial instruments. Despite these efforts, trading volumes for tokenized assets remain modest. The top 20 trading pairs on Kraken still dominate activity, accounting for 82% of spot trading volume, with fiat/crypto pairs making up 93.1% of that figure. Bitcoin and Ethereum continue to lead both spot and perpetual markets, contributing 28.9% and 10.5% of spot trading volume, respectively.
IPO Preparations and Strategic Moves
Kraken has been actively preparing for a U.S. IPO, with Co-CEO Arjun Sethi confirming recently that the company is approximately 80% ready. The exchange has bolstered its position through a series of acquisitions, including NinjaTrader ($1.5 billion), Bitnomial ($550 million), and Reap Technologies ($600 million). These moves have expanded Kraken’s capabilities across futures trading, stock tokenization, and stablecoin payments.
Additionally, Kraken achieved a significant milestone by securing a “skinny” Federal Reserve Master Account in March 2026, a rare achievement for a crypto-focused institution. The company also raised $800 million in late 2025, valuing it at $20 billion. Notable investors included Citadel Securities, Jane Street, and Deutsche Börse, which recently acquired a 1.5% stake for $200 million.
While Kraken confidentially filed an S-1 with the SEC in late 2025, reports in early 2026 suggested a pause in IPO plans due to market conditions. A management shakeup, including the departure of its CFO, also added uncertainty. However, Kraken’s recent financial transparency and strategic growth point to strong positioning as it moves closer to a public debut.
Outlook
Kraken’s rapid expansion, focus on tokenized assets, and robust revenue growth signal strong momentum as the company eyes its IPO. If market conditions stabilize, Kraken could soon join Coinbase as one of the few publicly traded crypto exchanges, further legitimizing the sector in traditional finance.
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