How does Kraken print?
Fees on flow. Services when the tape is quiet.
Independent exchange. Cash-heavier than Coinbase; stock is a thinner slice.
The mix
- Fees / flowVolume.60%
- ServicesPrime, staking.30%
- OtherInterest / one-offs.10%
Industry-shape composite. Not a filing.
Who pays
Traders and institutions.
Who builds
Exchange, protocol, and compliance.