At the time, Mt. Gox was on the verge of collapse – something Jesse had seen coming – and after a decade of frustration with traditional payments in the virtual goods space, it was clear that someone needed to step up.
Bitcoin had the potential to change the world, but without a secure and resilient exchange, it wouldn’t reach its full promise. Kraken has been so focused that we’ve raised no more than $27 million in primary capital in our 14 years of existence.
Call it bootstrapped, disciplined or just an obsession with efficiency – but what matters is that we built for hypergrowth, stability and scale. We’ve disproven the narrative that you need to raise billions to generate billions.
We’ve succeeded by focusing on execution Our incredible tech platform continues to deliver, with 2.5 billion trades executed since inception, 99.9% uptime and sub-2ms round trip latency. Our relentless execution is evidenced by our 2024 financial highlights, which we are releasing for the first time in Kraken history.
In 2024, we saw adjusted revenue of $1.6 billion (up 138% year-over-year) and $421 million in adjusted EBITDA. During the year, clients entrusted us with $42.8 billion in assets on the platform and 2.5 million funded accounts. Total trading volumes in 2024 reached $665 billion and our average revenue per customer is now over $700 – surpassing any comparable stat we’ve seen from traditional or crypto exchanges.
One of Kraken’s core principles from day one has been accountability – to our customers, shareholders and employees. We don’t just measure success by volume, but by the quality of that volume. Not just by security, but by the depth and soundness of that security. Not just by accessibility, but by how seamlessly our products integrate liquidity and user experience.
Kraken is a creature of the deep, and we have been building relentlessly for growth While others chased short-term wins, we built our platform differently – steadily and methodically. We don’t get caught up in superficial stats or shallow victories. Today, with increasing regulatory clarity and industry tailwinds – not just in the U.S., but globally – we’re positioning ourselves for even greater acceleration.
Our disciplined product execution and diverse client base have helped us build the deepest liquidity pools in crypto, making Kraken one of the world’s leading stable-to-fiat onramps with more than 40% global stable-fiat volume market share among major CEXs. That liquidity attracts more clients, drives new product adoption, and fuels our continued expansion.
Transparency isn’t just a talking point for Kraken. The trust that we’ve built with our clients through this transparency is our currency, and it’s foundational to who we are. In crypto, as in any industry, most companies focus on vanity metrics. Just like the early internet days shifted from page views and clicks to more meaningful engagement metrics like DAU/MAU, and mobile evolved from installs to registrations to daily retention, crypto is undergoing a similar transformation.
The terminology may change, but the fundamentals remain the same: Sustainable businesses are built on real revenue, deep customer engagement and long-term value creation. That’s why we were one of the first to publish our Proof of Reserves – and while others have stopped, we’ve remained committed to publishing it regularly, ensuring the highest level of transparency and accountability.
We’re also committed to expanding our reach, scaling sustainably and growing quarter by quarter for decades to come — all while keeping our edge, staying true to our culture of innovation and continuing to push boundaries as industry pioneers.
The sacrifices and good decisions of the past got us here, but we don’t take them for granted. It’s up to the team today to take Kraken to the next level — staying disciplined, thinking long-term and never losing sight of the depths that set us apart.