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(Bloomberg) — Cryptocurrency exchange Kraken says revenue more than doubled in the third quarter, as the company gears up for a public listing in the US next year.
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Kraken’s revenue reached $648 million, up 114% from the previous year, according to a statement. The company, officially named Payward Inc., defines revenue as GAAP gross revenue minus trading costs. Adjusted earnings before items including taxes was $178.6 million, a marked improvement from last year when the metric was slightly negative.
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Kraken is preparing for an initial public offering, one of a growing number of crypto heavyweights to have taken that path since pro-crypto President Donald Trump returned to the White House. In September, Bloomberg reported that Kraken was in advanced talks to raise fresh funding in a round that would value the company at about $20 billion.
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As the listing draws near, Kraken has been busy. On Oct. 16, it expanded its derivatives footprint in the US with an acquistion, one of a handful this year. The company also started supporting CME futures contracts, from equity indices to energy and metals.
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Kraken’s total quarterly exchange trading volume grew 106% to $561.9 billion in the third quarter, while the total number of funded accounts on the platform increased 46% to 5.2 million. Assets on the platform grew 89% to $59.3 billion, the company said.
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Coinbase Global Inc., the biggest crypto exchange in the US, will report its earnings on Oct. 30. Analysts polled by Bloomberg expect its adjusted sales to rise 49% year-over-year in the third quarter.
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