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 $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 Cost.
Adjusted earnings before taxes and other items totaled $178.6 million compared to a slightly negative figure a year earlier. The figure was up 124% quarter-over-quarter, the firm said, with total volume rising 23% over 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 company recently raised $500 million in a funding round. Valuing it at $15 billion.
If the IPO plans come to fruition, Kraken will join a growing list of crypto companies looking to tap the public markets. Among them is Coindesk Parent Company Bullishcrypto exchange Gemini.
Kraken’s closest competitor Coinbase is scheduled to report third-quarter earnings on October 30. Analysts expect adjusted earnings to climb nearly 50%.
