Kraken Reports $1.5B In Revenue As Trading Volume Hits $665B

Crypto exchange Kraken recorded $1.5 billion in revenue for 2024, a 128% increase compared to the previous year, according to its newly released financials.

The exchange also reported $330 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) and a total trading volume of $665 billion, driven by more than 2.5 million funded accounts.

The financial results come after a year of key changes to Kraken’s business strategy, including shifts in product offerings and regulatory adjustments.

Kraken shut down its non-fungible token (NFT) marketplace in November, just a year after its launch. The company said the decision was made to prioritize other services, as NFT trading volumes declined sharply throughout the year. Data from CoinMarketCap shows that monthly NFT sales volume dropped from $3.6 billion in January 2024 to under $1 billion by September.

In December, Kraken was selected by the FTX bankruptcy estate to handle repayments to former customers and creditors of the collapsed exchange. These distributions, set to take place in early 2025, could generate additional trading activity on Kraken as recipients decide whether to cash out or reinvest their recovered funds.

Kraken reinstated staking services for U.S. customers in 2024, allowing residents in 37 states to stake 17 digital assets, including Ethereum, Solana, and Polkadot, via the Kraken Pro platform. The relaunch follows a two-year suspension triggered by a $30 million settlement with the U.S. Securities and Exchange Commission (SEC) in 2023, after the agency accused Kraken of offering unregistered securities through its staking program.

With the return of staking, Kraken will now offer “bonded staking,” where users lock up assets to support network validation. Staked assets will be delegated to validators, which facilitate transaction validation and block production. These validators will distribute staking rewards to users after deducting fees.

Looking ahead, Kraken is rumored to be considering an initial public offering (IPO) in 2025. Bitwise predicted that Kraken could go public alongside other major crypto firms such as stablecoin issuer Circle, financial services provider Figure, and blockchain analytics firm Chainalysis.