Kraken reports $1.5 billion in 2024 revenue as trade volume surges to $665 billion

Source Cryptopolitan

US-based crypto exchange Kraken generated $1.5 billion in revenue for 2024, a 128% increase compared to the $665 million it made in 2023. The exchange disclosed this in its 2024 Financial Highlight, noting that it has executed 2.5 billion trades since its launch in 2011.

The report, which marks the first time the private company will release its financials to the public, shows that the exchange had a rollercoaster year 2024 with growth across all metrics.

The total trade volume in 2024 was $665 billion, a 48% compound annual growth rate (CAGR). Kraken’s average revenue per user (ARPU) also reached $2,023, a massive milestone that the exchange claims is higher than any other traditional or crypto exchange.

The exchange added that the total assets on its platform for 2024 were $42.8 million, and more than 2.5 million accounts were funded.

Kraken reports $1.5 billion in 2024 revenue as trade volume surges to $665 billion.
Kraken’s Financial Report (Source: Kraken)

Meanwhile, the exchange did not just see its revenue increase; it also became more profitable. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $380 million. This metric gives a clearer view of the exchange’s profitability by excluding all irregular, discretionary, and non-recurring expenses.

Kraken claims its growth over the past 14 years is a testament to its approach and focus on building the best product. The exchange noted that it has only raised $27 million in primary capital since its founding, and its growth shows that a company does not “need to raise billions to generate billions.”

Unsurprisingly, the exchange continues to launch new products to stay competitive. Its most recent product is Kraken Pay, a crypto payment service that allows users to send crypto and fiat to other people using a pay link. The feature, which allows Kraken users to transfer crypto to everyone through text, is free to use and seeks to attract more people to the exchange.

Kraken Pay also introduced a unique ID called @Kragtag that allows users to transfer funds to others by simply entering their Kragtag.

Kraken to publish financial statements every quarter

Following its latest report, Kraken has now committed to releasing its financial statements quarterly to give more insight into its growth and plans. The company head of brand partnership, Lou Frang, confirmed this on X.

He said:

“Public financials coming quarterly from @krakenfx going forward — Transparency and innovation is in our DNA. It’s only going to be supercharged for 2025.”

The exchange said that transparency is part of its core principles, noting that it was one of the first crypto exchanges to publish proof of reserves (POR) and has continued to release POR even when some exchanges have stopped.

It wrote:

“Transparency isn’t just a talking point for Kraken. The trust that we’ve built with our clients through this transparency is our currency, and it’s foundational to who we are.”

Meanwhile, this move to publish its financial data aligns with its long-term goal of going public like its major competitor, Coinbase. The exchange is one of several crypto companies in the US that have been considering an initial public offering (IPO) for some time.

With the crypto sector poised to see positive regulatory developments under President Donald Trump’s administration, the regulatory environment could not have been better for Kraken.

The exchange, which faced enforcement actions under the previous administration, has already reintroduced staking in 39 US states after ending it in 2023 due to a settled lawsuit from the US Securities and Exchange Commission (SEC).

Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - Download Now

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Five bullish Shiba Inu (SHIB) Price Predictions for April 2025SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
Author  FXStreet
Apr 16, Wed
SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
placeholder
Ethereum Price Dips Again—Time to Panic or Opportunity to Buy?Ethereum price started a fresh decline from the $1,690 zone. ETH is now consolidating and might decline further below the $1,580 support zone.
Author  NewsBTC
Apr 16, Wed
Ethereum price started a fresh decline from the $1,690 zone. ETH is now consolidating and might decline further below the $1,580 support zone.
placeholder
Gold price slides back closer to $3,300 amid positive risk tone, modest USD uptickGold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
Author  FXStreet
Apr 30, Wed
Gold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
placeholder
Gold extends consolidation ahead of key US data releasesGold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
Author  FXStreet
22 hours ago
Gold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
placeholder
Gold Price Forecast: XAU/USD attracts some sellers below $3,250 on firmer US DollarThe Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
Author  FXStreet
5 hours ago
The Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
goTop
quote