Kraken's Q3 revenue was $648 million, with profit down 67%.

Kraken parent Payward reported third-quarter revenue of $648 million, up 114% year over year on a GAAP total-revenue-less-transaction-costs basis, while profit fell 67% from a year earlier; adjusted earnings came in at $178.6 million versus a slightly negative figure last year. Operating metrics expanded, with trading volume of $561.9 billion (+106%), 5.2 million funded accounts (+46%) and $59.3 billion in platform assets (+89%). The divergence between falling profit and growing revenue and volumes is the key tension to watch. Payward is preparing for a U.S. listing next year, though reports suggest weak trading and a cooler crypto market could push the IPO to 2027; no timetable has been set.