Kraken, the crypto exchange, saw its revenue more than double in the third quarter as it prepares for a public listing anticipated next year.
The company, officially known as Payward Inc., reported $648 million in revenue for Q3, marking a 114% increase from the same period last year. Kraken calculates revenue as gross income under GAAP accounting after deducting trading costs.
Adjusted earnings before taxes and other items reached $178.6 million, in contrast to a slightly negative figure the previous year. This reflects a 124% increase from the last quarter, with total volume rising 23% to $561.9 billion during the same time frame, the firm stated.
This performance bolsters Kraken’s plans for an initial public offering in the U.S. The company recently secured $500 million in a funding round, valuing it at $15 billion.
If the IPO is realized, Kraken would join an increasing number of crypto companies seeking to access public markets, including CoinDesk’s parent company Bullish and the crypto exchange Gemini.
Kraken’s main U.S. competitor, Coinbase, is scheduled to announce its third-quarter earnings on Oct. 30, with analysts predicting a nearly 50% increase in adjusted revenue.
