According to online reports, Kraken, a U.S. crypto trading platform, announced its Q3 financial report, with revenue reaching US$648 million, a year-on-year increase of 114%, setting a record high. Adjusted EBITDA was $179 million, and margin rose to 27.6%. In addition, the platform's total transaction volume increased by 106% year-on-year to US$561.9 billion, and platform assets increased by 89% to US$59.3 billion. Kraken's user base has also continued to expand, with 5.2 million registered accounts as of the end of the quarter. Kraken said that the growth was mainly due to multiple mergers and acquisitions in 2025 and ongoing IPO plans. On September 26, Fortune magazine said Kraken had raised $500 million at a valuation of $15 billion, amid growing speculation that the company plans to launch an initial public offering (IPO) sometime in 2026.