Coinbase vs Kraken: Revenue, Profit and Business Model
Coinbase reported $7.2B of revenue in FY2025 and $1.3B of net income. Kraken reported $2.2B of revenue in FY2025 and — of net income.
Latest financial snapshot
Financial summary
Coinbase
Coinbase's results track the crypto cycle. Total revenue went from $1.28 billion in 2020 to $7.84 billion in 2021, fell to about $3.1 billion in both 2022 and 2023, then rebounded to $6.56 billion in 2024 and $7.18 billion in 2025, when net income was $1.26 billion. The 2026 downturn reversed that: Q1 revenue was $1.41 billion with a $394 million net loss, and Q2 revenue was $1.22 billion with a $360 million net loss. The cushion is the subscription and services line (USDC income, staking, custody, interest), which was $2.8 billion in 2025 and a record 48% of net revenue in Q2 2026, plus more than $10 billion of cash reported at the end of Q1 2026.
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.
Revenue and profit by year
Coinbase
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $7.2B | $1.3B | 17.6% | +9.4% | Source |
| FY2024 | $6.6B | — | 0.0% | +111.2% | Source |
| FY2023 | $3.1B | — | 0.0% | -2.7% | Source |
| FY2022 | $3.2B | — | 0.0% | -59.3% | Source |
| FY2021 | $7.8B | — | 0.0% | +513.7% | Source |
| FY2020 | $1.3B | — | 0.0% | — | Source |
Kraken
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | — | 0.0% | +46.7% | Source |
| FY2024 | $1.5B | — | 0.0% | — | Source |
Where the revenue comes from
Coinbase
- Transaction Revenue
Majority of FY2025
Fees and spreads from consumer and institutional crypto trading, the most cyclical part of the model.
- Subscription and Services
~39% of FY2025
About $2.8 billion in FY2025: USDC stablecoin income, staking, custody, interest, Coinbase One and other services. Reached 48% of net revenue in Q2 2026.
- Institutional Custody and Prime
Included in services and transaction mix
Custody, execution, financing, and institutional platform services for asset managers, ETF sponsors, hedge funds, and corporate clients.
- Onchain and Developer InfrastructureEmerging
Products tied to Base, Coinbase Cloud, wallets, developer tools, and onchain application infrastructure.
Kraken
No segment breakdown is published.
Business model and strategy
Coinbase
How it makes money
Coinbase has two revenue lines. Transaction revenue comes from fees and spreads on consumer and institutional crypto trades and is the most cyclical part of the business. Subscription and services revenue includes stablecoin income from its USDC arrangement with Circle, staking rewards it shares with users, custody fees (including for most U.S.
Growth strategy
Coinbase's growth plan is to become an 'everything exchange' and onchain infrastructure provider. Pillars include derivatives (Deribit, acquired in 2025 for about $2.9 billion, plus U.S. futures), USDC stablecoin distribution and payments, institutional custody and prime brokerage, Base as a low-cost Ethereum layer-2 network, and newer products such as prediction markets and tokenized equities.
Competitive advantage
Coinbase's edge is regulated trust at scale. It is a U.S.-listed, audited company in the S&P 500, holds licenses across U.S. states including New York's BitLicense, and was chosen as custodian by most U.S. spot Bitcoin ETF issuers, including BlackRock. That standing matters most to institutions, which need a compliant counterparty, and to retail users who remember the 2022 FTX collapse.
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
Facing large regulatory crackdowns in the US (specifically regarding their highly lucrative staking program), Kraken's large growth strategy is aggressive international expansion (specifically Europe) and heavily expanding beyond simple trading into 'Web3' infrastructure. They are aggressively applying for formal banking licenses in Europe to become a fully regulated financial institution.
Competitive advantage
Kraken's absolute competitive advantage is its large, leading reputation for security and its flawless, multi-decade track record. In an industry plagued by catastrophic hacks and large fraud, Kraken has never suffered a large, debilitating security breach. The founder, Jesse Powell, is famously paranoid about security. This large trust moat is highly valuable;
Questions about Coinbase vs Kraken
Which company has higher revenue — Coinbase Global or Kraken?
Coinbase Global reported $7.2B (FY2025), while Kraken reported $2.2B (FY2025). By last reported revenue, Coinbase Global is the larger business, with Kraken reporting a smaller revenue base.
What is the market cap of Coinbase Global vs Kraken?
Coinbase Global's market capitalisation stands at $52.6B, while Kraken's is $21.0B. Coinbase Global carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Kraken.
Which is more financially efficient — Coinbase Global or Kraken?
Coinbase Global generates $1.45M / employee in revenue per employee, while Kraken generates $846k / employee. Coinbase Global shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Coinbase Global and Kraken make money?
Coinbase Global and Kraken generate revenue in fundamentally different ways. Coinbase Global: Coinbase has two revenue lines. Kraken: Kraken earns money in four main ways.
Which company is valued higher relative to revenue — Coinbase Global or Kraken?
On a price-to-sales (P/S) basis, Coinbase Global trades at 7.3x P/S and Kraken at 9.5x P/S. Kraken commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Coinbase Global. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Coinbase Global bigger than Kraken?
By last reported revenue, Coinbase Global ($7.2B (FY2025)) is the larger company compared to Kraken ($2.2B (FY2025)). 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 Coinbase vs Kraken overview