Kraken Revenue More Than Doubled During 2024 Crypto Boom

Last year’s cryptocurrency boom was very good news for the Kraken exchange.

The company’s revenue more than doubled in 2024 from $671 million to $1.5 billion, Bloomberg News reported Friday (Jan. 31).

“This is what we look at, this is how we hold ourselves accountable,” Arjun Sethi, co-CEO of the company, told the news outlet.

He added that privately held Kraken plans to continue issuing quarterly reports, something that “gives us an ability to turn on the lights for when we are ready for the possibility” of an initial public offering (IPO).

The report notes that Seith, co-founder of venture group Tribe Capital, also became Kraken’s co-CEO near the end of last year. At the time, the crypto sector was surging on the support of then-candidate Donald Trump, with Kraken and other digital asset firms backing his bid to return to the White House.

During the Biden administration, Kraken — like other crypto firms — had been the target of regulatory action. In 2023, the company settled Securities and Exchange Commission (SEC) allegations that it violated the agency’s crypto staking rules, and ended its staking operations in the U.S.

The company on Thursday (Jan. 30) announced it was relaunching its staking service in 39 U.S. states and territories. Kraken is still facing another SEC action which accuses the company of functioning as an unregistered exchange, broker dealer and clearing agency.

According to Bloomberg, Kraken considered conducting a pre-IPO funding round last year. The company has around $27 million in primary capital.

“We have the optionality to raise money or to raise debt if we want to do that,” Sethi told Bloomberg. “All of the options of access to capital are available to us, regardless of whether we are private or public.”

Kraken is exploring the idea of going public at a moment when “digital assets are steadily gaining mainstream acceptance,” as PYMNTS wrote Friday.

That report looked at the crypto sector through the lens of the newly fashionable meme coin, which remain both speculative and volatile, but still represent an entry point for new investors into digital assets.

“In essence, digital assets are positioned to drive innovation in global finance, whereas meme coins are often more of a retail investor-driven experiment,” PYMNTS wrote.

“While meme coins may continue to thrive in speculative trading cycles, the future of blockchain technology likely rests on digital assets with clear utility, strong regulatory backing and institutional adoption.”