Kraken Files 56 Million Crypto Tax Forms for 2025

The United States currently has no de minimis exemption for cryptocurrency transactions, meaning even transactions involving very small amounts can trigger recordkeeping and reporting requirements. Kraken argues that preparing tax documents for vast numbers of microtransactions raises costs for exchanges and leaves investors with reporting burdens disproportionate to their actual gains.

Kraken said it filed 56 million cryptocurrency tax forms with the Internal Revenue Service for the 2025 tax year. About one-third, or roughly 18.67 million forms, reported amounts below $1. The company subsequently called on the United States to establish a de minimis exemption to reduce the enormous administrative workload generated by microtransactions.