Kraken vs KuCoin: Revenue, Profit and Business Model
Kraken had $2.2B of annual revenue in FY2025. KuCoin had $192.6M (unaudited) of annual revenue in FY2023.
Latest financial snapshot
Financial summary
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.
KuCoin
KuCoin is private and does not publish revenue, profit or audited accounts, so this profile does not list a revenue figure. Known numbers come from funding and legal records: roughly 5,500 BTC (about $27.5 million at the time) raised in its 2017 token sale, a $20 million Series A in November 2018, and a $150 million Series B at a $10 billion valuation in May 2022. Its US resolution in January 2025 cost about $297 million ($112.9 million criminal fine plus $184.5 million forfeiture), and Canada's FINTRAC assessed ~$14 million (C$19.5 million) in September 2025, which KuCoin appealed. In February 2026 KuCoin said it would commit $2 billion to a trust and security programme.
Revenue and profit by year
Kraken
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | — | — | +46.7% | Source |
| FY2024 | $1.5B | — | — | +123.5% | Source |
| FY2023 | $671M | — | — | — | Source |
KuCoin
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 (unaudited) | $192.6M | — | — | — | Source |
Where the revenue comes from
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.
KuCoin
- Spot trading fees
Not formally reported
Start at 0.1% maker and taker for standard pairs, with discounts for VIP tiers and for paying in KCS.
- Futures trading fees
Not formally reported
Lower per-trade rates than spot but far higher volume, so derivatives are a major fee source.
- Margin interest
Not formally reported
The spread on funds lent to margin traders.
- Other services
Not formally reported
KuCoin Earn, P2P, OTC desks, withdrawal fees and token-launch programmes. KuCoin does not publish revenue.
Business model and strategy
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.
KuCoin
How it makes money
KuCoin makes money mainly from transaction fees. Spot trades start at 0.1% maker/taker for standard pairs, with discounts for high-volume VIP tiers and for paying fees in KCS. Perpetual and delivery futures charge lower per-trade rates but carry far higher volume, so derivatives are a major fee source.
Growth strategy
Under BC Wong, a lawyer and former chief legal officer, KuCoin has made licensing the centre of its strategy. Moves since 2025 include KuCoin Thailand with SEC-supervised ERX (April 2025), AUSTRAC registration and an Australian derivatives arrangement (November 2025), a MiCA CASP licence for KuCoin EU Exchange GmbH in Austria (November 2025), a $2 billion trust programme announced at Consensus Hong Kong 2026, and adm…
Competitive advantage
KuCoin's edge is breadth: it lists many smaller tokens early, bundles free grid, DCA and futures bots into its app, and keeps loyal holders through KCS fee discounts and bonuses. That mix suits active retail traders who want access to new altcoins. The same fast-listing, light-touch history is also what drew enforcement action, so the advantage is narrowing as KuCoin adopts mandatory KYC and regional licensing.
Questions about Kraken vs KuCoin
Which company has higher revenue — Kraken or KuCoin?
Kraken had $2.2B (FY2025), while KuCoin had $192.6M (unaudited) (FY2023). By latest annual revenue, Kraken is the larger business, with KuCoin 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 Kraken and KuCoin?
Kraken generates $846k / employee in revenue per employee. A comparable figure for KuCoin requires matching employee and revenue data from the same reporting period.
How do Kraken and KuCoin make money?
Kraken and KuCoin generate revenue in fundamentally different ways. Kraken: Kraken earns money in four main ways. KuCoin: KuCoin makes money mainly from transaction fees.
Is Kraken bigger than KuCoin?
By last reported revenue, Kraken ($2.2B (FY2025)) is the larger company compared to KuCoin ($192.6M (unaudited) (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 Kraken vs KuCoin overview