Kraken parent company Payward reported 2025 revenue grew 33% to $2.2 billion, driven by a 34% increase in transaction volumes and strategic acquisitions. The company’s revenue was nearly evenly split between trading and asset-based income. This performance comes as Payward moves toward a potential public listing following a confidential IPO filing.
Payward, the parent company of crypto exchange Kraken, reported substantial revenue growth for 2025. The firm’s revenues rose to $2.2 billion, a significant increase from $1.6 billion in 2024.
Co-CEO Arjun Sethi stated this performance was due to “broad-based performance across trading and asset-based businesses.” Total transaction volumes for the year climbed 34% to $2 billion.
Revenues were “well balanced,” according to Sethi. Approximately 47% came from trading, while 53% originated from asset-based and other revenues.
The report arrives as investors anticipate Kraken‘s public launch. The company confidentially filed for an initial public offering in November.
Payward‘s 2025 acquisitions were cited as key revenue drivers. The firm took inspiration from tech giants to separate its products for specific customer segments.
Last year’s acquisitions included futures platform NinjaTrader, prop firm Breakout, derivatives platform Small Exchange, and automation software Capitalise.ai. The company also acquired tokenized stocks firm Backed last month.
Sethi said the NinjaTrader and Breakout deals specifically boosted daily average revenue trades by 119%. Assets on the platform grew 11% to $48.2 billion during the year.
Funded accounts increased by 50% to 5.7 million. Looking ahead, Sethi said the company’s focus is “not on maximizing any single metric in isolation.”
He added the strategy is “on maximizing long-run, risk-adjusted throughput across a growing set of asset classes and geographies.” The approach is driven by compounding efficiency across a single system.
