Kraken's revenue skyrockets to $1.5b in 2024
Kraken's revenue skyrockets to $1.5b in 2024
Crypto exchange Kraken reported $1.5 billion in revenue for 2024, marking a 128% increase from the previous year. The company also recorded an EBITDA of $380 million and an average revenue of over $2,000 per customer.
Kraken held $42.8 billion in assets on its platform and processed $665 billion in total trading volume across 2.5 million funded accounts.
The financial report follows a period of significant changes for the exchange. In November, Kraken shut down its NFT marketplace to focus on other product offerings. In December, it was chosen by the FTX bankruptcy estate to facilitate payouts to former FTX customers and creditors, a process expected to drive trading activity in early 2025.
Regulatory shifts and future prospects
Kraken recently resumed staking services for U.S. customers after a two-year pause due to regulatory issues. The service, now available in 37 states, allows users to stake 17 digital assets, including Ether. The exchange had previously halted staking as part of a $30-million settlement with the SEC in 2023.
Looking ahead, ETF issuer Bitwise has predicted that Kraken could go public in 2025, joining companies like stablecoin issuer Circle and blockchain analytics firm Chainalysis in seeking stock exchange listings. If realized, a public offering could further strengthen Kraken’s market position.
