Kraken Reports $1.5B Revenue in 2024, Up 128% from Last Year

• Krakens revenue surged 128% in 2024, reaching $1.5 billion with $665 billion in trades.
• Kraken resumed staking in the U.S. after a two-year pause, supporting 17 digital assets.
• Kraken will handle FTX bankruptcy fund distributions, boosting potential trading activity.

Kraken reported $1.5 billion in revenue for 2024, reflecting a 128% increase from the previous year. The exchange also recorded an EBITDA of $380 million. Trading volume for the year reached $665 billion, supported by over 2.5 million funded accounts. The exchanges growth highlights increasing activity in the crypto sector.

Key Developments and Changes in Services

Kraken made several adjustments to its services throughout 2024. In November, the exchange closed its NFT marketplace, shifting its focus to other products. The closure followed declining NFT sales volumes, which dropped from $3.6 billion in January to under $1 billion in September. Kraken representatives stated that reallocating resources would strengthen the platforms long-term offerings.

Additionally, in December, Kraken was chosen by the FTX bankruptcy estate to distribute funds to former FTX customers. The distributions are set for early 2025 and may contribute to increased trading activity.

Staking Services Resume in the U.S.

Kraken revived its U.S. staking services which had been suspended for two years. Krakens platform enables residents in 37 states with access to stake 17 digital assets such as Ethereum, Solana and Polkadot. Kraken stopped its staking services when it reached a $30 million agreement with the SEC in 2023. According to the SEC regulators Kraken ran its staking program without registered status during that period.

Potential for Public Listing in 2025

Bitwise, an ETF issuer, has predicted that Kraken may go public in 2025. The listing would place Kraken alongside companies like Circle, Figure, and Chainalysis in the stock market. If the exchange proceeds with a public listing, it could mark a significant development in the crypto industry.

Kraken‘s financial performance and service expansions demonstrate the platform’s continued evolution. The exchange remains a key player in the digital asset space as regulatory landscapes and market conditions shift.