Kraken parent company Payward says revenue grew 33% in 2025

Payward, the parent company of crypto exchange Kraken, announced that its adjusted revenue grew by 33% in 2025, reaching $2.2 billion, driven by a 34% increase in transaction volume to $2 trillion. Trading-based revenue constituted 47% of the total, with the remainder coming from custody, payments, and financing. Adjusted EBITDA also rose 26% to $531 million. The company, which confidentially filed for a U.S. IPO in November, implemented a new multibrand corporate structure to separate consumer products from infrastructure operations, similar to strategies used by Alphabet, Meta, and Amazon. This structure formalizes the integration of acquired platforms like NinjaTrader, Breakout, and Backed Finance, which contributed to a 119% surge in daily average revenue trades (DARTs) for futures products. Payward concluded the year with $48.5 billion in platform assets and 5.7 million funded customer accounts, marking a 50% increase in the latter.

(Source：CoinDesk)