Kraken Reports $1.5B in 2024 Revenue, Selected by FTX Bankruptcy Estate to Facilitate Distributions

This article has been updated to change the adjusted EBITDA figure to $380 million as opposed to $330 million.

Kraken, a major centralized crypto exchange, has released its financials for 2024, revealing a significant increase in revenue compared to the previous year.

According to the exchange, it generated $1.5 billion in revenue for 2024, marking a 128% year-over-year increase from 2023.

Kraken also reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $380 million in 2024.

Furthermore, the exchange processed $665 billion in trading volume for the year, with over 2.5 million funded accounts on the platform.

notable developments at Kraken throughout 2024 included the closure of its non-fungible token (NFT) marketplace in November.

Kraken launched the NFT marketplace in November 2023, but closed it down a year later to focus on other product offerings, a spokesperson for the exchange told Axios.

According to CoinMarketCap, sales volumes for NFTs gradually declined throughout 2024 from a high of around $3.6 billion in monthly sales volume in January 2024 to under $1 billion in September 2024.

In December, Kraken was selected by the FTX bankruptcy estate to facilitate distributions to former customers and creditors of the defunct exchange.

The payments will be distributed during the first two months of 2025 and may potentially lead to more trading activity on the exchange as former FTX clients cash out or swap their funds.

Exchange-traded fund (ETF) issuer Bitwise predicted that Kraken would go public in 2025 and list on stock exchanges alongside stablecoin issuer Circle, financial services company Figure and Chainalysis.

Kraken recently restored staking services for customers in the United States following a two-year hiatus in providing yield-bearing features.

Residents in 37 US states can now access staking for 17 digital assets on the Kraken Pro platform, including Ether (ETH), Solana (SOL) and Polkadot (DOT).

The exchange paused its staking services as part of a $30-million settlement with the US Securities and Exchange Commission in February 2023.

At the time, the SEC accused Kraken of selling unregistered securities via its staking service, which the SEC claimed was not properly licensed.