A prominent cryptocurrency exchange has reported a significant milestone, with the value of tokenized stocks on its platform surpassing $5 billion, a figure achieved through both centralized and decentralized marketplaces. The number of unique holders of these tokenized stocks has also crossed 37,000, signaling growing interest and adoption.
This exchange has limited the tokenized stock offerings to its international customer base, steering clear of U.S. customers for this particular product.
In a robust financial showing, the exchange achieved a third-quarter revenue of $648 million in 2025, reflecting a remarkable growth of 50% from the previous quarter and a 114% increase year-on-year. It stated that this growth was widespread across nearly all of its product offerings, although it did not specify figures for individual products.
The adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached $178.6 million for the quarter, registering a 124% increase from the preceding quarter. The EBITDA margin also saw significant progress, climbing by nine percentage points to reach 27.6%.
Transaction volumes on the platform surged by 23% from the previous quarter, totaling $561.9 billion. Moreover, the total assets held on the platform grew by 34%, reaching $59.3 billion. By the close of Q3, the exchange reported 5.2 million funded accounts.
Looking ahead, there are expectations that the exchange will pursue a public offering within the next year, as reports indicate it is in the process of raising $500 million at a valuation of $15 billion.
The exchange is making strides beyond the realm of cryptocurrency trading. Earlier this year, it secured a MiFID II license by acquiring a Cyprus-based brokerage, subsequently launching crypto perpetual contracts for users in Europe. Additionally, it made significant acquisitions in the U.S., notably paying $1.5 billion for NinjaTrader, followed by the purchase of another derivatives platform regulated by the CFTC, known as Small Exchange.
In April, the exchange expanded its offerings in the U.S. by launching equity trading services, which include stocks and exchange-traded funds (ETFs) across about a dozen states. Recently, it enhanced its equities service by introducing stock lending features, which allow users to lend their equities within the platform, and by enabling transfers of stocks from other brokerage platforms.
The exchange is committed to innovating and building financial systems that improve upon what existing traditional financial infrastructures were designed to deliver.