TLDR
- Payward, the parent company of Kraken, reported a 33% increase in adjusted revenue for 2025.
- Transaction volume grew by 34%, reaching $2 trillion for the year.
- Trading-based revenue accounted for 47% of the total $2.2 billion revenue.
- Payward’s adjusted EBITDA rose 26%, reaching $531 million for 2025.
- Assets on the platform increased to $48.5 billion, marking a 12% year-over-year rise.
Payward, the parent company of the crypto exchange Kraken, reported a 33% increase in its adjusted revenue for 2025. The company’s transaction volume grew by 34%, reaching $2 trillion. This growth reflects strong performance across its trading and asset-based businesses.
Strong Performance Across Trading and Asset-Based Businesses
Payward’s total revenue for 2025 reached $2.2 billion. Of this, 47% came from trading-based revenue, while the remaining 53% was derived from asset-based and other revenue streams. The company’s trading revenue benefited from deep liquidity and sustained engagement, while its asset-based revenue scaled alongside the growth in assets on the platform.
The company saw a substantial increase in its daily average revenue trades (DARTs) for futures products. This growth was primarily driven by the integration of platforms like NinjaTrader, Breakout, and Backed Finance. Payward also reported a 12% increase in assets on the platform, totaling $48.5 billion by the end of 2025.
Kraken Continues to Drive Payward’s Expansion
Kraken, now the sixth-largest crypto exchange by trading volume, played a key role in driving Payward’s success. The company’s strategic separation of consumer products from infrastructure operations aims to increase control and ensure regulatory integrity. Payward likened this strategy to the approaches used by tech giants such as Alphabet, Meta, and Amazon.
This corporate restructuring has allowed Payward to better integrate the various platforms Kraken has acquired over the years. These acquisitions have helped Kraken expand its service offerings and drive growth. As a result, the company has strengthened its position in the competitive crypto market.
Resilience in Q4 2025
In the fourth quarter of 2025, Payward demonstrated resilience despite industry-wide challenges. The platform generated $625 million in adjusted revenue and $84 million in adjusted EBITDA. Although Q4 revenues were lower than Q3 2025, Payward’s platform operated smoothly during the historic liquidation event in October, which saw more than $19 billion in leveraged positions liquidated across the industry.
The company completed its latest quarterly Proof of Reserves as of December 31, 2025. Clients can independently verify that their assets are fully backed on-chain, and the report is validated by a third-party accounting firm.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
