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., generated $648 million in revenue in the third quarter, an increase of 114% from the same period last year. Kraken defines revenue as gross income under GAAP accounting less trading costs.
Adjusted profit before taxes and other items reached $178.6 million, compared to a slightly negative figure a year earlier. That figure is up 124% quarter-over-quarter, the company said, with total volume up 23% over the same period to $561.9 billion.
This performance adds weight to Kraken’s plans for an IPO in the United States. The company 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 companies looking to tap into public markets. These include parent company CoinDesk, Bullish, crypto exchange Gemini.
Coinbase, Kraken’s closest U.S. competitor, is scheduled to report its third-quarter results on October 30. Analysts expect its adjusted revenue to climb nearly 50%.
