Kraken announced impressive financial results for 2024, with revenues reaching $1.5 billion, marking a 128% increase compared to the previous year.
Financial Performance
Kraken reported $330 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) and a total trading volume of $665 billion, driven by more than 2.5 million funded accounts.
NFT Marketplace Closure and Other Changes
In November, Kraken shut down its non-fungible token (NFT) marketplace, just a year after its launch. The company cited the decision as a move to prioritize other services amid a sharp decline in NFT trading volumes. CoinMarketCap data shows monthly NFT sales volume dropped from $3.6 billion in January 2024 to under $1 billion by September.
Service Resumption and Future Prospects
In December, Kraken was selected to handle repayments to former customers and creditors of the collapsed FTX exchange. These distributions, set for early 2025, could increase trading activity on Kraken. Additionally, in 2024, Kraken reinstated staking services for U.S. customers, allowing residents in 37 states to stake 17 digital assets, including Ethereum and Solana.
Kraken demonstrates significant financial growth and strategic changes. The company is poised for a new phase of development and is rumored to be considering an IPO in 2025.