In 2024, the company reported an impressive $1.5 billion in revenue, with CEO Kris Marszalek crediting the surge to robust trading activity among its 140 million users.
The exchange’s efficient operations led to around $1 billion in gross profit after accounting for salaries and other expenses.
Alongside these remarkable revenue numbers, the company made significant investments to broaden its market reach. Approximately $700 million was dedicated to user acquisition, incentives, and branding, resulting in a net profit of $300 million.
Furthermore, the exchange benefitted from Bitcoin’s (BTC) ascension to record highs, as it includes the asset in its treasury strategy.
Marszalek emphasized that there are plans for substantial reinvestment into both the company itself and the wider crypto market, preparing for aggressive growth strategies even in challenging market climates.
He stated:
“We are prepared to invest decisively even in the unlikely event of a market downturn, nurturing organic growth as well as through mergers and acquisitions. We plan to pursue both avenues.”
Market Growth
The company’s strong financial results reflect its rapid expansion.
Data from CoinGecko positions it as the fastest-growing exchange of 2024, with trading volumes skyrocketing nearly 1,000% from $120.6 billion in 2023 to $1.29 trillion. This growth has established the exchange as the third-largest in the industry, commanding a 6.85% market share.
Marszalek attributes this achievement to the company’s established regulatory presence across 100 jurisdictions on five continents.
He highlighted that the exchange has secured significant regulatory licenses across various regions, including Singapore, the UK, Dubai, and Canada.
In the United States, the exchange holds more than 40 state Money Transmitter Licenses, along with registration with the Financial Crimes Enforcement Network (FinCEN). It also operates as a designated contract market (DCM) and a derivatives clearing organization (DCO) under the Commodity Futures Trading Commission (CFTC), enhancing its compliance position.
As for the future, Marszalek affirmed that the strong momentum in 2024 will fuel the company’s expansion plans for 2025. Strategic acquisitions have already been made, and licenses obtained to facilitate the launch of derivatives trading while developing new product offerings.
Marszalek added:
“We are extremely optimistic about our future, especially in the US market, considering the current Administration’s enthusiasm for our sector. My discussions with the President reinforce my belief that he will fulfill his campaign promise to establish the US as a leader in cryptocurrency.”
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