Kraken’s parent company, Payward, reported a 33% rise in revenues for 2025 as trading volumes increased and recent acquisitions broadened its business. Revenues climbed to $2.2 billion last year, up from $1.6 billion in 2024, driven by “broad-based performance across trading and asset-based businesses,” with total transaction volumes up 34% to $2 trillion, co-CEO Arjun Sethi said in the company’s report.
Revenue was roughly balanced: about 47% came from trading-based revenue and 53% from asset-based and other sources. The results arrive as investors watch Kraken’s planned public debut after the company confidentially filed for an IPO in November.
Sethi attributed part of the growth to acquisitions in 2025 and to a product strategy influenced by tech peers like Meta and Amazon, separating products to target specific customer segments. Payward acquired futures platform NinjaTrader, prop trading firm Breakout, derivatives platform Small Exchange, and trading automation provider Capitalise.ai. It also bought Backed, a tokenized-stocks company behind the xStocks platform. Sethi said NinjaTrader and Breakout notably boosted daily average revenue trades by 119%.
Platform assets grew 11% to $48.2 billion, and funded accounts rose 50% to 5.7 million. Looking ahead, Sethi said Payward’s focus is on “maximizing long-run, risk-adjusted throughput across a growing set of asset classes and geographies,” emphasizing compounding efficiency across a single system rather than pursuing standalone products or short-term cycles.
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