Kraken Parent Payward Revenue Rises 33% to $2.2B, Balanced Mix
Payward, the parent company of crypto exchange Kraken, reported a 33% year-over-year increase in revenue for 2025 as transaction activity rose and the firm benefited from recent acquisitions.
Revenue reached $2.2 billion last year, up from $1.6 billion in 2024, supported by broad-based performance across trading and asset-based lines. Total transaction volumes climbed 34% over the year to $2 billion, according to a report published Tuesday by Kraken co-CEO Arjun Sethi.
Sethi said the revenue mix was balanced, with approximately 47% derived from trading-based revenue and 53% from asset-based and other sources.
The update comes as investors watch for a potential public listing of Kraken following the company’s confidential filing for an initial public offering in November.
Acquisitions diversified revenue
Sethi said Payward’s 2025 acquisitions contributed to revenue growth, adding that the firm has taken cues from large technology companies such as Meta and Amazon by separating products to increase usage and tailor them to specific customer segments.
Over the past year, Payward acquired the futures platform NinjaTrader, proprietary trading firm Breakout, derivatives venue Small Exchange and trading automation provider Capitalise.ai.
Payward also purchased Backed last month, a company in the tokenized stocks segment that supports the xStocks platform.
Sethi said these deals — particularly NinjaTrader and Breakout — led to a 119% increase in daily average revenue trades.
The report stated that assets on the platform rose 11% to $48.2 billion, while funded accounts increased 50% to 5.7 million.
Looking ahead, Sethi said Payward’s focus is on maximizing long-run, risk-adjusted throughput across a growing range of asset classes and geographies rather than optimizing any single metric.
He added that the company’s strategy centers on compounding efficiency within a single system, not on adding standalone products or chasing short-term cycles.
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