According to the source, Kraken's Q3 revenue was reported at $648M, up 114% year over year; source: user-provided social post dated Oct 25, 2025. This implies prior-year Q3 revenue near $303M and an annualized run-rate around $2.6B that traders use for IPO valuation comps; source: calculations based on the same source. The IPO framing and revenue surge may buoy exchange-sector sentiment and BTC liquidity in the near term, so traders should monitor spot and derivatives volumes on majors; source: independent market analysis based on the source-reported figures.