Kraken's $1.5B Revenue Surge as US Trading Volume Explodes
1min read Kraken Records $1.5 Billion in Revenue as US Trading Volume Surges
Kraken, a leading cryptocurrency exchange, has reported a significant surge in revenue, reaching $1.5 billion in 2024, marking a 128% increase year over year. This impressive financial performance aligns with the broader market upswing, which saw Bitcoin and other digital assets reach new all-time highs.
Kraken's trading volume hit $665 billion in 2024, fueling $380 million in earnings before interest, taxes, depreciation, and amortization (EBITDA). The exchange averaged over $2,000 per customer and held approximately $42.8 billion in assets, managing 2.5 million funded accounts. This positions Kraken as the fifth-largest centralized exchange in terms of daily trading volume.
Kraken attributes its success to a long-term growth strategy rather than short-term market trends. This focus has helped it dominate the stable-to-fiat on-ramp sector, managing over 40% of the global stable-fiat volume among major centralized exchanges.
The exchange emphasizes its commitment to seamless execution, reporting 2.5 billion trades since inception, 99.9% platform uptime, and sub-2ms round-trip latency.
Kraken Co-CEO Arjun Sethi reaffirmed the firm's commitment to transparency while announcing plans to release quarterly financial reports that would include proof-of-reserves disclosures.
“Today’s financial highlights are the first of many as we continue to prioritize transparency and accountability. We remain committed to publishing our Proof of Reserves regularly, ensuring our clients’ highest level of trust,” Sethi added.
Despite speculation about a 2025 initial public offering (IPO), Kraken has not confirmed any plans. Instead, the firm maintains financial independence, having raised only $27 million in primary funding since its launch in 2011.
Regulatory hurdles persist for Kraken, which continues to face significant challenges in the US. The exchange settled with the SEC in 2023 over its staking services, leading to the suspension of the product. However, it reintroduced staking for users in 39 states earlier this week while announcing to 
