Payward Inc., Kraken's parent company, posted $2.2 billion in adjusted revenue for 2025, a 33% increase from the prior year.
The 15-year-old crypto exchange operator reported $531 million in adjusted EBITDA on Feb. 3 as platform transaction volume reached $2 trillion. Trading-based revenue accounted for 47% of total income.
Payward structured operations to separate consumer brands from shared infrastructure similar to Alphabet, Meta, and Amazon. The company filed a confidential U.S. IPO draft in November.
What Happened
Platform assets ended 2025 at $48.2 billion representing 11% growth. Funded customer accounts increased 50% to 5.7 million during the year.
Futures daily average revenue trades climbed 119% following acquisitions of NinjaTrader for $1.5 billion and Breakout trading platforms. These purchases expanded Payward's reach into traditional derivatives markets.
The company completed Proof of Reserves as of Dec. 31 showing reserve ratios exceeding 100% for Bitcoin, Ethereum, Solana, and major stablecoins. Third-party accounting firms validated the attestation process.
Read also: Galaxy Digital Posts $482M Loss As Q4 Crypto Downturn Exceeds Analyst Forecasts
Why It Matters
Payward adopted a multi-brand structure positioning itself as infrastructure provider rather than single consumer platform. The ecosystem includes Kraken exchange, NinjaTrader futures platform, Breakout, and xStocks tokenized equities.
Platform operations maintained execution during October's $19 billion industry-wide liquidation event affecting leveraged positions. Systems processed transactions without disruption across 24-hour period.
Non-trading revenue sources including custody, payments, and financing contributed 53% of total income. The company launched Krak consumer payment app and Krak Card in partnership with Mastercard during 2025.
Read next: BetOnline Adds Sports Fan Token Ahead Of Super Bowl