Payward, the parent company of crypto exchange Kraken, reported a 33% increase in revenue for 2025 as trading activity and strategic acquisitions expanded its business. Revenue rose to $2.2 billion last year from $1.6 billion in 2024, while total transaction volume climbed 34% to $2 trillion, co-CEO Arjun Sethi said.
The company’s income was roughly balanced between trading and other businesses: about 47% of revenue came from trading-based activities and 53% from asset-based and other sources. The results arrive as investors watch Kraken’s planned public listing; the firm confidentially filed for an IPO in November.
Sethi credited part of the growth to several 2025 acquisitions and a product strategy modeled on large tech firms that separates offerings to better serve distinct customer segments. Payward’s purchases included futures platform NinjaTrader, prop trading firm Breakout, derivatives venue Small Exchange, trading automation provider Capitalise.ai, and tokenized-stocks firm Backed (operator of the xStocks platform). Sethi said NinjaTrader and Breakout in particular helped lift daily average revenue trades by 119%.
Platform assets increased 11% year-over-year to $48.2 billion, while funded accounts grew 50% to 5.7 million. Looking forward, Sethi said the company will prioritize “maximizing long-run, risk-adjusted throughput across a growing set of asset classes and geographies,” focusing on efficiency gains within a single system rather than chasing standalone products or short-term cycles.
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