TLDR
- Kraken’s xStocks tokenized equities platform has processed over $5 billion in trading volume since launching in July 2025
- The crypto exchange posted record Q3 2025 revenue of $648 million, up 114% from $303.5 million in Q3 2024
- Adjusted EBITDA improved to $178.6 million from a loss of $6.8 million year-over-year
- xStocks now serves over 37,000 holders across more than 160 countries through partnerships with Backed, Bybit, and other platforms
- Total transaction volume on Kraken reached $561.9 billion in Q3, a 23% quarter-over-quarter increase
Kraken announced on October 22, 2025 that its tokenized equities offering has exceeded $5 billion in combined trading volume. The cryptocurrency exchange shared this milestone while releasing third-quarter financial results that showed record revenue.
The platform, called xStocks, launched in July 2025 through a partnership with tokenization provider Backed. It allows users outside the United States to trade blockchain-based versions of U.S. stocks. The service operates 24 hours a day across centralized and decentralized exchanges.
Kraken reported that xStocks has attracted more than 37,000 unique holders since launch. The platform generated over $1 billion in on-chain transactions. Trading volume includes activity on both Kraken’s exchange and other platforms.
The company expanded xStocks to European markets in September. Kraken worked with multiple partners to grow availability including Bybit, Phantom, OKX Wallet, and Telegram. The service now operates in more than 160 countries worldwide.
Record Breaking Quarter for Kraken Exchange
Kraken reported $648 million in revenue for Q3 2025. This represents a 114% increase from the $303.5 million recorded in the same quarter of 2024. The company stated this was its highest quarterly revenue on record.
The exchange’s adjusted EBITDA reached $178.6 million for the quarter. This marked a major turnaround from the $6.8 million loss recorded in Q3 2024. The profitability improvement reflects both higher revenue and operational efficiency gains.
Total transaction volume across Kraken’s platform hit $561.9 billion in Q3 2025. This showed a 23% increase compared to the second quarter of 2025. The growth came from both spot trading and derivatives products.
Tokenized Equities Growth
Tokenized equities are digital representations of traditional stocks built on blockchain networks. Investors can trade these tokens similar to cryptocurrencies. Each token is backed by actual shares of the underlying company.
The xStocks platform removes traditional trading hour restrictions. While conventional stock exchanges operate during limited business hours, tokenized versions trade continuously. This appeals to international investors in different time zones.
Kraken’s partnership with Backed handles the tokenization process. Backed converts traditional securities into blockchain-based tokens. Kraken provides the exchange infrastructure and user access to trade these assets.
Co-CEO Arjun Sethi previously identified tokenized assets as a key growth area. The company also acquired the Small Exchange for $100 million to expand its derivatives business. These moves show Kraken diversifying beyond core cryptocurrency trading.
The exchange reported these financial results and xStocks milestones on October 22, 2025. Trading volume data includes both centralized exchange activity on Kraken and decentralized exchange transactions.
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