Kraken shows strong growth, potential IPO target for crypto exposure

Kraken, a crypto exchange, is highlighted for its impressive financial performance, including record-breaking Q3 profits with $648 million in revenue and $178.6 million in adjusted EBITDA (114% YoY increase). Its strategic expansion, regulatory strengthening (e.g., NinjaTrader acquisition), and plans for a potential IPO in 2026 with a valuation up to $20 billion position it as a significant player. This indicates a potential investment opportunity either directly in Kraken's future IPO or as a positive indicator for the broader crypto market's institutionalization and maturity.