Kraken parent Payward reports $2.2 billion adjusted 2025 revenue as business diversifies through acquisitions, investments

Kraken's parent company, Payward, reported $2.2 billion in adjusted revenue for 2025, marking a 33% year-over-year increase, according to co-CEO Arjun Sethi. Revenue was split almost evenly, with 47% from trading operations and 53% from asset-based services like custody and payments, as total platform transaction volume hit $2 trillion. This financial performance follows significant strategic moves, including a $345 million SPAC IPO by KRAKacquisition Corp and a $200 million investment from Citadel Securities that valued Kraken at $20 billion. Payward's diversification strategy in 2025 included major acquisitions like NinjaTrader and Breakout, the launch of the Krak payment app, and expansion into derivatives trading in Europe and the US. Sethi stated the company's focus is on maximizing long-run, risk-adjusted throughput across its growing system, leveraging infrastructure to lower marginal costs for new product launches.

(Source：The Block)