Kraken has announced a 114% year-over-year growth in its Q3 2025 financial results, driven by strategic acquisitions including NinjaTrader and Small Exchange. These moves have bolstered its position in the derivatives trading market. The cryptocurrency exchange has also secured $500 million in funding, valuing the company at $15 billion, and is reportedly eyeing a $20 billion funding round. Looking ahead, Kraken is considering an initial public offering (IPO) in 2026, potentially joining other major crypto exchanges like Coinbase, Gemini, and Bullish in the public market. This move could further solidify its standing in the competitive crypto industry.