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.
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).
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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