Crypto exchange Kraken’s revenue more than doubled in the third quarter as the crypto exchange moves up to an expected public listing next year.
The company, known legally as Payward Inc., brought in $648 million in revenue for the third quarter, a 114% increase over the same period last year. Kraken defines revenue as gross income under GAAP less trading expenses.
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, and its total volume rose 23% over the same period to $561.9 billion.
The achievement adds weight to Kraken’s plans for an initial public offering in the US. The firm recently raised $500 million in a funding round that valued it at $15 billion.
If the IPO plans come to fruition, Kraken will join a growing list of crypto firms looking to tap public markets. Among them is CoinDesk’s parent company Bullish, crypto exchange Gemini.
Kraken’s closest US competitor Coinbase is set to report third-quarter earnings on October 30. Analysts expect its adjusted revenue to rise nearly 50%.
