Update (01.31.25 at 19:45:03 UTC) This article has been updated to change the adjusted EBITDA figure to $380 million as opposed to $330 million
Kraken, a centralized crypto exchange, released its 2024 financials showing $1.5 billion in revenue for the year — representing a 128% year-over-year gain compared to 2023.
According to the exchange, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to $380 million in 2024.
Kraken also recorded $665 billion in trading volume for the year conducted by over 2.5 million funded accounts on the platform.
The release of the 2024 financials follows several months of momentous developments for the crypto exchange as it changes its service offerings for clients.
Kraken’s revenue, EBITDA, assets under custody, and funded accounts. Source: Kraken
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Kraken’s latest developments
In November, Kraken shuttered its non-fungible token (NFT) marketplace one year after launching the platform.
Spokespeople for the company said the closure would allow Kraken to focus on new product offerings and services.
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.
NFT sales volume declines throughout 2024. Source: CoinMarketCap
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 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.
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