Kraken doubled its revenue in 2024 to $1.5 billion in earnings, a 128% increase from the previous year, according to its latest released financial data.

The exchange also disclosed that it holds $42.8 billion in customer assets, with an average revenue of more than $2,000 per customer.

Kraken’s earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $380 million for the year. Meanwhile, the platform recorded $665 billion in trading volume and was supported by over 2.5 million funded accounts.

The exchange released these financials following a series of strategic adjustments, including changes in its product offerings and a renewed focus on core services.

Regulatory and market developments

The exchange made headlines by restoring staking services in the US after a two-year hiatus.

Following a $30 million settlement with the Securities and Exchange Commission (SEC) in 2023, Kraken had paused its staking service due to regulatory concerns. The reinstated service is now available to residents in 37 states, covering 17 digital assets, including Ethereum, Solana, and Polkadot.

Meanwhile, speculation continues regarding Kraken’s potential public listing. ETF issuer Bitwise has projected that the company could go public in 2025, joining a cohort of crypto firms expected to list on traditional stock exchanges, including Circle and Chainalysis.

Additionally, Kraken has expanded its futures trading offerings, introducing new perpetual and quarterly futures contracts for key cryptocurrencies. The exchange also announced plans to enhance its margin trading services, providing traders with increased flexibility and higher leverage options.

The post Kraken revenue surges 128% to $1.5 billion in 2024 amid strategic overhaul appeared first on CryptoSlate.