Key Takeaways
- Kraken also holds $42.8 billion in client assets with a market share exceeding 40% globally
- The exchange reported that it processed 2.5 billion transactions in 2024 while maintaining 99.9% system uptime.
Leading crypto firm, Kraken reported a huge surge in revenue for 2024, reaching $1.5 billion—up 128% from the previous year. The exchange also recorded an EBITDA(earnings before interest, taxes, depreciation, and amortization) of $380 million and processed $665 billion in trading volume from over 2.5 million funded accounts.
As per the official statement, the exchange attributed this growth to its focus on execution and operational efficiency, stating that its financial performance reflects the company’s long-term strategy.
According to the exchange, its average revenue per customer has now surpassed $2,000, exceeding figures reported by both traditional financial and crypto trading platforms. Reportedly, Kraken also holds $42.8 billion in client assets and maintains a strong presence in stablecoin-to-fiat trading, with a market share exceeding 40% globally.
The exchange reported that it processed 2.5 billion transactions in 2024 while maintaining 99.9% system uptime. The financial disclosure comes after several major decisions by Kraken over the past year. In November, the exchange shut down its NFT ($0.00) marketplace, which had been launched a year earlier.
Kraken stated that the move was aimed at reallocating resources to other products and services. The decision came amid a downturn in NFT sales, with monthly trading volumes dropping from a high of $3.6 billion in January 2024 to under $1 billion by September, according to CoinMarketCap.
In December, Kraken was selected by the FTX ($0.00) bankruptcy estate to facilitate repayments to former customers and creditors. These distributions are set to take place in early 2025, and the exchange has indicated that the process may result in increased trading activity as recipients decide how to manage their recovered funds.
Kraken also reinstated its staking services for U.S. customers in 2024 after a two-year suspension. The exchange had previously halted staking in February 2023 as part of a $30 million settlement with the U.S. Securities and Exchange Commission (SEC), which alleged that Kraken had offered unregistered securities. Staking is now available in 37 U.S. states through Kraken Pro, with support for 17 digital assets, including Ether, Solana, and Polkadot.
The company has not commented on speculation regarding a potential initial public offering, but a recent report by Bitwise listed Kraken alongside Circle, Figure, and Chainalysis as crypto firms that could go public in 2025
