Payward, the parent of crypto exchange Kraken, reported a 33% jump in revenues in 2025 as higher trading activity and acquisitions boosted performance.
The company said revenues rose to $2.2 billion from $1.6 billion in 2024, driven by a 34% increase in transaction volumes and broad-based growth across trading and asset-based businesses.
“Revenues were well balanced,”
Said Kraken co-chief executive, Arjun Sethi, noting that about 47% came from trading while 53% was generated from asset-based and other revenue streams.
Payward said acquisitions completed in 2025, including NinjaTrader, Breakout, Small Exchange and Capitalise.ai, helped diversify income and lifted daily average revenue trades by 119%.
Assets on the platform rose 11% to $48.2 billion, while the number of funded accounts increased 50% to 5.7 million, according to the report.
The results come as investors watch closely for Kraken’s potential public listing after the company confidentially filed for an initial public offering in November.
Sethi said Payward’s strategy focuses on “maximizing long-run, risk-adjusted throughput” across asset classes and regions rather than chasing short-term growth cycles.