Bitstamp vs Kraken: Revenue, Profit and Business Model
Bitstamp had ~$9M of annual revenue in FY2023 and a net loss of ~$22.3M. Kraken had $2.2B of annual revenue in FY2025.
Latest financial snapshot
Financial summary
Bitstamp
Bitstamp's published accounts show how tightly its income follows the market. Bitstamp Ltd, the UK-registered parent, reported revenue of ~$123 million (€109 million) and a ~$41.8 million (€37 million) profit in 2021, then ~$32.8 million (€29 million) of revenue and a ~$7.91 million (€7 million) loss in 2022, and just under $9.04 million (€8 million) of revenue with a ~$22.3 million (€19.7 million) loss in 2023. Part of that drop came from moving business into Luxembourg, BVI and other subsidiaries, so the UK figures understate the group. Robinhood paid about $200 million in cash, well below the roughly $400 million price rumored when NXMH bought control in 2018. Inside Robinhood, Bitstamp handled $40 billion of notional volume in Q3 2025, $48 billion in Q4 2025, $42 billion in Q1 2026 and $22 billion in Q2 2026. Bitstamp is one of the oldest crypto exchanges in the world; it was notably acquired by Robinhood in 2024 for approximately $200 million.
Kraken
Payward, Kraken's parent, reported adjusted revenue of $2.2 billion in 2025 (up 33%) and adjusted EBITDA of $531 million on $2.0 trillion of platform volume. Growth slowed in 2026: Q2 adjusted revenue rose 17% to $508 million while adjusted EBITDA fell to $23 million as spot volumes dropped. Kraken is one of the world's oldest and largest cryptocurrency exchanges, achieving a massive private market valuation estimated at over $10 billion.
Revenue and profit by year
Bitstamp
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 run-rate | $100M | — | — | — | Source |
| FY2023 | ~$9M | ~-$22.3M | -246.3% | -72.4% | Source |
| FY2022 | ~$32.8M | ~-$7.9M | -24.1% | -73.4% | Source |
| FY2021 | ~$123.2M | ~$41.8M | 33.9% | — | Source |
Kraken
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | — | — | +46.7% | Source |
| FY2024 | $1.5B | — | — | +123.5% | Source |
| FY2023 | $671M | — | — | — | Source |
Where the revenue comes from
Bitstamp
- Trading Fees
Most of revenue
Maker and taker fees start at 0.30% and 0.40% at the entry tier and fall as 30-day volume rises; the mobile app builds a spread into the quoted price instead.
- Bitstamp-as-a-Service
Not formally reported
A white-label product that lets banks and fintechs offer crypto trading under their own brand.
- Staking, Lending and Perpetual Futures
Not formally reported
Staking and crypto lending, and since April 2026 perpetual futures for eligible EU customers.
Kraken
- Transaction Fees
~47% of 2025 adjusted revenue
Maker-taker fees on Kraken Pro and spreads on simple retail purchases.
- Derivatives
Not formally reported
Crypto futures through Kraken Futures, plus US futures and options through NinjaTrader and Bitnomial.
- Asset-Based Income
Not formally reported
Staking commissions, interest and financing on customer balances, and custody fees on about $40-50 billion of platform assets.
- Institutional and B2B Services
Not formally reported
OTC block trading, prime services and infrastructure that partner firms build on via APIs.
Business model and strategy
Bitstamp
How it makes money
Bitstamp earns most of its money from trading fees. On the exchange, maker and taker fees start at 0.30% and 0.40% at the entry tier and fall as a client's 30-day volume rises; the simpler mobile app builds a spread into the quoted price instead. Institutional clients connect through APIs and supply much of the volume at thin margins, so revenue moves closely with crypto market activity.
Growth strategy
Growth now comes from three directions: selling Bitstamp's institutional products (API trading, lending, staking and white-label crypto-as-a-service) alongside Robinhood's own business lines; using the MiCA passport to sign EU banks and brokers that need a licensed crypto partner; and adding derivatives, which earn more per trade than spot, first in the EU and then in the US.
Competitive advantage
Bitstamp's edge is regulatory depth and an unbroken operating record. It holds more than 50 licenses and registrations, including a 2016 Luxembourg payment institution license, a 2019 New York BitLicense, a Singapore major payment institution license and a 2025 MiCA authorization that lets it serve the whole European Economic Area from Luxembourg.
Kraken
How it makes money
Kraken earns money in four main ways. 1. Transaction fees: maker-taker fees on Kraken Pro and spreads on simple retail purchases, which made up roughly 47% of 2025 adjusted revenue. 2. Derivatives: crypto futures through Kraken Futures plus US futures and options through NinjaTrader and Bitnomial. 3.
Growth strategy
Kraken has grown beyond spot crypto trading into derivatives, through Kraken Futures and US futures and options via NinjaTrader and Bitnomial, and into services for institutions such as OTC trading, prime services and API infrastructure. It has also pursued regulatory licences in Europe so that it can operate there as a regulated financial institution.
Competitive advantage
Kraken's advantage is its reputation for security. In an industry with a history of exchange hacks and fraud, Kraken has built a long record without a major security breach, and its co-founder Jesse Powell made security a priority from the start. That record matters to institutional investors, who look for trusted infrastructure when they place large orders.
Questions about Bitstamp vs Kraken
Which company has higher revenue — Bitstamp or Kraken?
Bitstamp had ~$9M (FY2023), while Kraken had $2.2B (FY2025). By latest annual revenue, Kraken is the larger business, with Bitstamp showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
How does revenue per employee compare for Bitstamp and Kraken?
Bitstamp has $14k / employee in revenue per employee, while Kraken has $846k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Bitstamp and Kraken make money?
Bitstamp and Kraken generate revenue in fundamentally different ways. Bitstamp: Bitstamp earns most of its money from trading fees. Kraken: Kraken earns money in four main ways.
Is Bitstamp bigger than Kraken?
By last reported revenue, Kraken ($2.2B (FY2025)) is the larger company compared to Bitstamp (~$9M (FY2023)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bitstamp vs Kraken overview