Payward, the parent company of cryptocurrency exchange Kraken, announced a 33% year-over-year increase in its adjusted revenue for 2025, reaching $2.2 billion. The company's transaction volume grew by 34% to $2 trillion for the year, reflecting robust performance across its trading and asset-based business segments.
The revenue composition showed a strategic shift, with trading-based revenue accounting for 47% of the total, while asset-based and other services contributed the remaining 53%. This balanced mix highlights Kraken's successful diversification beyond pure exchange trading. The company's adjusted EBITDA rose 26% to $531 million for the year.
Assets held on the platform increased by 12% year-over-year, reaching $48.5 billion by the end of 2025. The company also reported a substantial increase in daily average revenue trades (DARTs) for futures products, driven by the integration of acquired platforms like NinjaTrader, Breakout, and Backed Finance.
In the fourth quarter of 2025, Payward demonstrated resilience, generating $625 million in adjusted revenue and $84 million in adjusted EBITDA. The platform operated smoothly during a historic industry-wide liquidation event in October 2025, which saw over $19 billion in leveraged positions liquidated. Payward completed its latest quarterly Proof of Reserves as of December 31, 2025, with validation by a third-party accounting firm.
The strong financial performance is seen as a crucial step toward an anticipated Initial Public Offering (IPO). Reports indicate Kraken is targeting a public listing in the first half of 2026. CEO Arjun Sethi emphasized the company's strategy focuses on maximizing operational efficiency across a unified, integrated system rather than chasing short-term market trends.
Looking forward, Payward plans to concentrate on high-growth verticals, including expanding into tokenized assets like stocks, and deepening its investment in custody, yield, and finance businesses. Continued global expansion through regulatory licensing in new jurisdictions remains a cornerstone of its growth strategy.
