A summary of the 7 major cryptocurrency cash machines: with an annual profit of 14 billion dollars, it is the ultimate "tax officer" in the crypto world

Author: Wenser, Odaily Planet Daily

In early February 2025, Tether CEO Paolo Ardoino published the "Tether Q4 2024 Asset Proof," mentioning: "Tether's total profit for 2024 reached $13.7 billion; the profit for Q4 2024 was $6 billion." The news sparked heated discussions in the market. As the current leader in the stablecoin market, many are aware of Tether's strong capital-raising ability, but an annual profit of nearly $14 billion is still astonishing. Meanwhile, according to Bitwise CIO Matt Hougan, the Tether team consists of only 165 people, achieving an impressive revenue per employee of $83.03 million, far exceeding investment giant Goldman Sachs (which has about 45,000 employees and an estimated annual profit of $14 billion in 2024). It must be said that compared to traditional industries, the revenue per employee of leading companies in the cryptocurrency sector is remarkably high.

In light of this, Odaily Planet Daily will briefly review a number of crypto capital-raising machines for readers' reference. (Note: Due to the high employee turnover in the crypto industry and varying statistical standards, the following data is only a partial statistic and for reference only.)

7 Major Crypto Capital-Raising Machines: Tether Undoubtedly Leads, Coinbase Makes the List

List of Crypto Capital-Raising Machines

1. Tether (USDT Issuer): $13.7 Billion Profit, Team of Less Than 200

The world's largest stablecoin issuer, USDT, dominates the stablecoin market by supporting the token's value through assets like U.S. Treasury bonds, with over 400 million users.

• 2024 Profit: $13.7 billion for the year.
• Number of Employees: 165;
• Revenue per Employee: Approximately $83.03 million.

2. pump.fun: 2024 Revenue Exceeds $300 Million

As the most prominent meme coin launch platform in this cycle, pump.fun is also one of the most capital-raising crypto machines. According to on-chain analysts, pump.fun generated approximately 1.703 million SOL from its launch until the end of 2024, with an average price of $198, resulting in a total profit of about $337 million.

Additionally, according to Qiao, the founder of Alliance DAO, the investor behind pump.fun, the initial team consisted of only 3 people, which gradually expanded to a dozen. We calculate using a median of 15 people.

• 2024 Profit: $337 million;
• Number of Employees: 15;
• Revenue per Employee: $22.48 million.

3. Binance: User Base Exceeds 250 Million, Employee Count Over 5,000

The world's largest cryptocurrency exchange, with a user base surpassing 250 million and total trading volume in spot and derivatives exceeding $100 trillion.

• 2024 Profit: Not directly disclosed; previously sold $4 billion in operating assets based on accounting processes. Community reports suggest a net profit of about $6-7 billion for 2024, so we take the midpoint and calculate $5 billion.
• Number of Employees: Over 5,000 (as disclosed by He Yi).
• Revenue per Employee: $1 million.

4. Coinbase: Annual Net Profit of $2.6 Billion, Team of Over 3,700

Founded in 2012, it is a leading cryptocurrency trading platform in the U.S.

On April 14, 2021, Coinbase successfully went public on NASDAQ, becoming the first publicly traded cryptocurrency exchange in the world. According to Coinbase's Q4 2024 financial report, the company generated $954 million in revenue in the last quarter, achieving quarterly profitability for the first time in two years. By the end of 2024, Coinbase had 3,772 full-time employees, a year-on-year increase of 10%.

• 2024 Profit: $2.6 billion;
• Number of Employees: 3,772;
• Revenue per Employee: $689,000.

5. Circle (USDC Issuer): Annual Profit Undisclosed, Total Employees Under 1,000

The issuer of the world's second-largest stablecoin, USDC, focusing on compliance and institutional partnerships.

According to previous official news, USDC's circulation exceeded $45 billion in 2024, a year-on-year increase of 78%, with over $18 trillion in USDC transactions to date; the user base has surpassed 500 million.

• 2024 Profit: Not yet directly disclosed; December 2024 monthly revenue was $132.77 million. Previous reports indicated that Circle's total revenue for 2022 was $150 million, and the EBITDA for the first half of 2023 was $219 million, suggesting that the profit for 2024 is at least over $500 million.
• Number of Employees: As of June 2024, Bloomberg reported approximately 915 employees.
• Revenue per Employee: $546,000.

6. Strategy (formerly MicroStrategy): Net Profit Under $500 Million, Team of Over 1,500

Previously, according to The Block, Strategy (MicroStrategy) increased its Bitcoin holdings nearly twofold in Q4 2024, with quarterly operating expenses reaching $1.103 billion, a year-on-year increase of 693%, resulting in a net loss of $670.8 million and total revenue of $120.7 million, about $3 million lower than general expectations, down 3% from last year.

• 2024 Profit: $464 million (down 7% from 2023);
• Number of Employees: 1,534;
• Revenue per Employee: $302,000.

7. Kraken: 2024 Profit Approximately $380 Million, Employee Count Around 2,500

An established American exchange. On January 31 of this year, the company's financial report indicated that its 2024 revenue was $1.5 billion. CEO Dave Ripley stated that Kraken's revenue for 2024 was $1.5 billion, more than double that of 2023; adjusted pre-tax profit reached $380 million. According to news from last October, Kraken laid off 15% of its workforce, affecting about 400 positions; according to Kraken's official channels, its employee count is around 2,500.

• 2024 Profit: $380 million;
• Number of Employees: 2,500;
• Revenue per Employee: $152,000.

Summary: Stablecoins and Exchanges Are the Best Businesses, Transaction Fees Are Key

In summary, stablecoins and exchanges represent the "best businesses" in the cryptocurrency industry, not only valuable but also profitable. Pump.fun primarily benefits from the meme coin craze, while the unbreakable truth in the cryptocurrency industry remains: a business that cannot charge transaction fees is not a good business.