Payward, Kraken’s parent company, reported $2.2 billion in adjusted revenue for 2025, up 33% year-over-year, driven by expansion into traditional assets and strategic acquisitions including NinjaTrader and Breakout.
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Payward, Kraken‘s parent company, pulled in $2.2 billion in adjusted revenue during 2025—a 33% jump from the previous year as the exchange branched into traditional assets and proprietary trading.

The numbers show in their announcement how far Payward has come from its crypto-only roots with Kraken. Transaction volume hit $2.0 trillion across all platforms, up 34% annually, while adjusted EBITDA reached $531 million, marking a 26% climb. Much of that growth came from integrating recent acquisitions like futures platform NinjaTrader and prop trading venue Breakout into the company’s core operations.

Today, we’re announcing Payward’s FY 2025 financial results—and alongside them, a clearer articulation of Payward’s role as the unified infrastructure layer powering Kraken and a growing family of products, including @NinjaTrader, @breakoutprop , @xStocksFi, and future products… pic.twitter.com/qbLgG2AI3d

— Kraken (@krakenfx) February 3, 2026

Asset Services Now Drive Most Revenue

A significant shift happened in Payward’s business mix over the last year. Asset-based operations—custody, yield products, payments, and financing—brought in 53% of total revenue, edging past the 47% from spot and derivatives trading. That balance matters because it protects the company from the wild trading volume swings that typically hammer crypto platforms during downturns.

Other metrics pointed to strength across the board. Assets under management climbed to $48.2 billion, an 11% increase from 2024, while funded accounts jumped 50% to 5.7 million. Futures trading saw particularly explosive growth, with daily average revenue trades soaring 119% after NinjaTrader entered the market and US-regulated crypto futures went live.

Crypto Companies are Better Prepared for Market Cycles

Additionally, in October, Payward’s infrastructure went through a test when 1.5% of the crypto market capitalization was lost in one day; their platform kept working and demonstrated the resilience of their infrastructure, according to their report. The evidence shows that the fourth quarter generated $625 million in adjusted revenue and $84 million in EBITDA, despite softer conditions across the broader industry.

Competitor Coinbase posted $1.9 billion in quarterly revenue for Q3 2025 with $801 million in adjusted EBITDA, though subscriptions and services made up just 40% of its revenue—well below Payward’s 53% asset-based composition.

The company also secured MiCA and EMI licenses in the EU and the UK as regulatory frameworks solidified in those markets. Additionally, in November 2025, Kraken  began preparing for its own IPO. They also announced plans for another of their companies to go public via a Nasdaq IPO with a $250 million offering to expand their presence in the public markets.

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