Kraken Revenue More Than Doubled in Q3 as Company Preps for Possible IPO

Crypto exchange Kraken’s revenue more than doubled in the third quarter as the crypto exchange ramps up for an expected public listing next year.

The company, legally known as Payward Inc., brought in $648 million in revenue for the third quarter, a 114% increase from the same period last year. Kraken defines revenue as gross income under GAAP accounting minus trading costs.

Adjusted earnings before taxes and other items reached $178.6 million compared to a slightly negative figure a year earlier. The figure is up 124% quarter-over-quarter, the firm said, with its total volume rising 23% in the same period to $561.9 billion.

The performance adds weight to Kraken’s plans for an initial public offering in the U.S. The firm recently raised $500 million in a funding round valuing it at $15 billion.

If the IPO plans come to fruition, Kraken would join a growing list of crypto firms looking to tap public markets. Among those are CoinDesk parent company Bullish, crypto exchange Gemini.

Kraken’s closest U.S. competitor Coinbase is set to report third-quarter earnings on Oct. 30. Analysts expect its adjusted revenue to climb nearly 50%.