Kraken’s revenue increased 128% to $1.5 billion in 2024

blog.kraken.com/news/kraken-2024-financials

Kraken, one of the world's leading cryptocurrency exchanges, has reported a staggering 128% revenue increase in 2024, bringing total earnings to $1.5 billion.

The latest financial report also highlights a series of strategic shifts that have propelled the company’s growth, including an expansion of core services and a renewed focus on customer offerings.

Kraken’s 2024 earnings reveal growth in multiple key areas.

The exchange now holds $42.8 billion in customer assets and maintains an average revenue of over $2,000 per customer.

Its earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $380 million, reinforcing the company’s financial strength.

The trading volume on the platform also soared to $665 billion for the year, supported by over 2.5 million funded accounts.

These figures demonstrate Kraken’s sustained momentum in the crypto market despite regulatory challenges and industry shifts.

A notable development for Kraken in 2024 was the restoration of its staking services in the United States, following a two-year suspension.

The exchange had halted its staking offerings after a $30 million settlement with the U.S. Securities and Exchange Commission (SEC) in 2023, which accused the company of selling unregistered securities through its staking program.

Now, Kraken has resumed staking services in 37 states, covering 17 digital assets, including Ethereum (ETH), Solana (SOL), and Polkadot (DOT).

The firm also made headlines in December when it was chosen by the FTX bankruptcy estate to facilitate distributions to former customers and creditors of the defunct exchange.

These payments, scheduled for early 2025, may contribute to increased trading activity as former FTX users reintegrate into the market.

Amid speculation about a potential public offering, Kraken has been identified by ETF issuer Bitwise as a likely candidate for a stock market debut in 2025.

If the listing materializes, Kraken will join other major crypto firms like Circle and Chainalysis in entering traditional financial markets.

Additionally, the exchange has continued to expand its trading services, launching new perpetual and quarterly futures contracts for key cryptocurrencies.

Plans to enhance margin trading services are also underway, offering traders increased flexibility and higher leverage options.

In November, Kraken announced the closure of its non-fungible token (NFT) marketplace, just one year after its launch.

The decision, according to company representatives, aligns with a broader strategic effort to refine service offerings and concentrate on high-growth areas within the business.

The decision due to a sharp decline in NFT sales volumes throughout 2024, which fell from $3.6 billion in January to below $1 billion in September.

Kraken’s financial performance indicating positive crypto regulation under the Trump administration. Furthermore, Kraken is considering IPO in the future.