Payward (the parent company of Kraken) reported its full-year 2025 financial results on February 3, 2026, showing significant growth in revenue and profitability.
FY 2025 Key Financial Highlights
Adjusted Revenue: $2.2 billion, a 33% increase year-over-year from $1.6 billion in 2024.
Adjusted EBITDA: $531 million, up 26% year-over-year.
Total Trading Volume: $2.0 trillion, representing a 34% rise.
Assets on Platform: $48.2 billion, an 11% increase compared to 2024.
Funded Accounts: 5.7 million, growing 50% annually
The 15-year-old company, which lodged a confidential draft U.S. IPO filing in November, said its corporate structure separates consumer products from infrastructure operations, likening the strategy to those of tech giants Alphabet (GOOG), Meta (META), and Amazon (AMZN).
“By separating infrastructure from product expression, Payward ensures that innovation does not come at the expense of control, risk discipline, or regulatory integrity,” the firm wrote.
The corporate structure marks a formal move for the company to encompass the multiple platforms Kraken, now the sixth-largest crypto exchange by trading volume, has acquired over the years. These include NinjaTrader, Breakout and Backed Finance.These acquisitions contributed to a 119% increase in daily average revenue trades (DARTs) for futures products, the company said.
Payward said it ended the year with $48.5 billion in assets on the platform, up 12%. The number of funded customer accounts rose 50% to 5.7 million. The revenue figure is adjusted for trading costs and gains or losses on trading activities, the company said.