Kraken’s parent company, Payward, reported a sharp increase in revenue last year as higher trading volumes and recent acquisitions lifted performance across its business lines.
Payward generated $2.2 billion in revenue in 2025, up 33% from $1.6 billion the previous year, according to a company report released Tuesday. Total transaction volumes climbed 34% to $2 trillion over the same period.
Kraken co-CEO Arjun Sethi said revenue contributions were broadly distributed across the business. Trading-related activity accounted for roughly 47% of revenue, while asset-based and other services made up the remaining 53%.
The results come as investors continue to monitor progress toward Kraken’s long-anticipated public listing. The company confidentially filed for an initial public offering in November.
Today, we’re announcing Payward’s FY 2025 financial results—and alongside them, a clearer articulation of Payward’s role as the unified infrastructure layer powering Kraken and a growing family of products, including @NinjaTrader, @breakoutprop , @xStocksFi, and future products… pic.twitter.com/qbLgG2AI3d
— Kraken (@krakenfx) February 3, 2026
Kraken Official X Announcement.
Acquisitions reshape revenue mix
Sethi said Payward’s acquisitions over the past year expanded the company’s revenue base beyond spot crypto trading.
In 2025, Payward acquired futures broker NinjaTrader, proprietary trading firm Breakout, derivatives venue Small Exchange, and trading automation platform Capitalise.ai. The company also purchased Backed, a tokenized equities provider associated with the xStocks platform.
Following the integration of NinjaTrader and Breakout, daily average revenue trades rose 119%, according to the report, reflecting higher engagement across derivatives and professional trading products.
Sethi said Payward has increasingly structured its products around distinct customer segments, drawing on operating models used by large technology firms that manage multiple platforms within a single ecosystem.
User growth and assets under custody rise
Alongside higher revenue, Payward reported steady growth in platform usage. Assets held on the platform rose 11% to $48.2 billion, while the number of funded accounts increased 50% to 5.7 million.
The company did not provide a regional breakdown, but the increase coincided with a broader rebound in crypto trading activity during 2025 as volatility returned to digital asset markets.
Focus remains on operational scale
Looking ahead, Sethi said Payward is prioritizing long-term operating efficiency across asset classes and regions, with an emphasis on managing risk as the platform expands.
The company’s strategy centers on improving how its products and infrastructure work together, he said, with the goal of sustaining growth across multiple business lines over time.
Kristian Koch
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