Kraken's revenue saw a remarkable surge in 2024, hitting $1.5 billion, marking a 128% increase from the previous year. This financial success falls in line with the overall market trend, with Bitcoin and other digital assets hitting record highs.
The US-based crypto exchange witnessed a trading volume of $665 billion in 2024, reporting $380 million in earnings before interest, taxes, depreciation, and amortization (EBITDA). Kraken's per-customer revenue averaged over $2,000, with assets totaling approximately $42.8 billion. The platform garnered 2.5 million funded accounts, establishing itself as the fifth-largest centralized exchange in terms of daily trading volume.
Kraken attributes its achievements to a strategic long-term approach, focusing on sustained growth rather than short-lived market fluctuations. The exchange dominates the stable-to-fiat on-ramp sector, managing over 40% of global stable-fiat volume among major centralized exchanges.
In terms of operational excellence, Kraken reported 2.5 billion trades, 99.9% platform uptime, and sub-2ms round-trip latency since its inception. Co-CEO Arjun Sethi highlighted the company's commitment to transparency, announcing plans to release quarterly financial reports, including proof-of-reserves disclosures.
Despite ongoing speculations about a possible 2025 IPO, Kraken has not confirmed any such plans. The exchange remains financially independent, having raised only $27 million in primary funding since its launch in 2011.
While Kraken celebrates its strong performance, it faces regulatory challenges in the US. The exchange recently settled with the SEC over staking services and suspended the product temporarily. Kraken has reintroduced staking in 39 states and announced the closure of its NFT marketplace in February.
Kraken is currently embroiled in an SEC lawsuit, accused of operating as an unregistered exchange, broker, and clearing agency. The regulator alleges unlawful crypto securities transactions since 2018, leading to substantial revenue for the exchange. A recent court ruling allowed Kraken to proceed with its defense based on fair notice and due process, although the major questions doctrine argument was dismissed.