In a remarkable display of growth and innovation, Kraken has announced that its tokenized equities offering, xStocks, has surpassed an impressive $5 billion in combined trading volume since its launch in July 2025. This milestone comes alongside the cryptocurrency exchange’s financial report for the third quarter, showcasing a period of unprecedented revenue and user engagement.
Kraken’s xStocks platform, developed in collaboration with Backed, allows users outside the United States to trade tokenized versions of U.S. stocks. This service has rapidly gained traction, now available in over 160 countries, attracting more than 37,000 unique holders and generating over $1 billion in on-chain transactions. The platform’s ability to facilitate trading on both centralized and decentralized exchanges has played a crucial role in its success.
As the financial landscape continues to evolve, Kraken’s xStocks expansion into Europe in September further solidifies its position as a leader in the tokenized equities market. By partnering with a variety of firms, including Bybit, Phantom, OKX Wallet, and Telegram, Kraken is broadening its reach and enhancing its offerings to provide seamless trading experiences.
Record-Breaking Financial Performance
On October 22, 2025, Kraken reported record third-quarter revenue of $648 million, a staggering 114% increase from the $303.5 million generated in Q3 2024. This impressive growth underscores the exchange’s strategic focus on expanding its product lines and user base.
The company’s adjusted EBITDA also saw a remarkable turnaround, reaching $178.6 million compared to a loss of $6.8 million recorded during the same period last year. This significant improvement highlights Kraken’s effective cost management and operational efficiency.
Transaction volume on the platform surged to $561.9 billion in Q3 2025, marking a 23% increase from the previous quarter. This robust performance demonstrates the growing interest in cryptocurrency trading and the increasing adoption of innovative financial products.
Understanding Tokenized Equities
Tokenized equities are a groundbreaking financial product that represents traditional stocks on blockchain networks, allowing investors to buy and sell these digital tokens akin to cryptocurrencies. Each token is backed by actual shares of the underlying companies, providing a bridge between conventional finance and the rapidly evolving crypto space.
Kraken’s xStocks leverages blockchain technology to enable 24/7 trading, a stark contrast to traditional stock exchanges that operate only during specific hours. This accessibility has opened new opportunities for global investors who seek flexibility and innovation in their trading strategies.
In addition to its tokenized equities, Kraken’s acquisition of the Small Exchange for $100 million further positions the company to expand its derivatives offerings, illustrating its commitment to capturing multiple trading categories.
With its latest financial results, Kraken showcases not only impressive growth across core business metrics but also a forward-thinking approach to the evolving landscape of digital finance. As the company continues to innovate and expand its offerings, it remains a significant player in the cryptocurrency and tokenized asset markets.
