Cryptocurrency exchange Kraken’s revenue more than doubled in the third quarter as the cryptocurrency exchange prepares for an expected public listing next year.
The company, legally known as Payward Inc., generated $648 million in revenue during the third quarter, an increase of 114% from the same period last year. Kraken defines revenue as gross revenue under GAAP accounting less business costs.
Adjusted earnings before taxes and other items reached $178.6 million compared to a slightly negative figure a year earlier. The figure has increased 124% quarter over quarter, the company said, and its total volume increased 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 company recently raised $500 million in a funding round that values it at $15 billion.
If the IPO plans become a reality, Kraken would join a growing list of crypto companies looking to access the public markets. These include CoinDesk’s parent company Bullish and crypto exchange Gemini.
Coinbase, Kraken’s closest US competitor, will report its third quarter earnings on October 30. Analysts expect its adjusted revenue to rise nearly 50%.
