Kraken revenue more than doubles as tokenized stock volume tops $5 billion

Kraken announced a blockbuster third quarter, with revenue surging to $648 million—a 114% increase year-over-year. The crypto exchange also revealed that the total trading volume for its tokenized stocks has now passed $5 billion, held by over 37,000 unique investors outside the U.S.

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The strong financials show broad-based growth. The platform’s assets grew 34% to $59.3 billion, and it now serves 5.2 million funded accounts.

This performance comes as Kraken aggressively moves into mainstream finance. After acquiring several trading platforms, it has launched stock and ETF trading in the U.S. and is reportedly raising $500 million at a $15 billion valuation, fueling expectations of an IPO next year.