Payward, the parent company of cryptocurrency exchange Kraken, has unveiled impressive financial results for 2025, reporting a revenue of $2.2 billion. This figure marks a notable increase of 33% from the previous year’s $1.6 billion, underlining the continuing vitality of the crypto trading landscape. Co-CEO Arjun Sethi announced these results in a report published this week, emphasizing the company’s robust position in the market.
The growth in revenue can be attributed to strong performance across Payward’s diverse range of business lines. The company reported that its trading operations and asset-based services each generated nearly half of overall revenues, with trading contributing 47% and services such as custody and payments making up the remaining 53%.
During 2025, transaction volumes across the Kraken platform reached an astonishing $2 trillion, representing a 34% increase compared to 2024. Sethi credited this success to enhanced liquidity and sustained engagement from users, highlighting the exchange’s capacity to thrive in a competitive environment.
In terms of assets under management, Payward saw a rise of 11%, bringing the total to $48.2 billion. More remarkably, the number of funded accounts surged by 50%, reaching an impressive 5.7 million users, reflecting growing investor interest in cryptocurrency.
Strategic Acquisitions Fuel Growth
Throughout 2025, Payward engaged in multiple strategic acquisitions aimed at broadening their product offering and expanding market reach. Notably, the company completed the acquisition of futures trading platform NinjaTrader for $1.5 billion. Additionally, acquisitions included Breakout, a crypto prop trading firm, Small Exchange focusing on derivatives, and trading automation software Capitalise.ai.
These strategic purchases significantly bolstered trading activity on the platform, with average revenue per trade increasing by 119% following the NinjaTrader and Breakout acquisitions. In early January 2026, Payward finalized another acquisition, this time acquiring Backed, which manages the xStocks tokenized equities platform.
Sethi remarked that the company’s growth strategy draws inspiration from successful tech titans like Meta and Amazon. The objective is to segment products strategically to cater to specific customer needs, enabling a tailored experience that enhances user interaction.
Expanding Product Portfolio and Market Reach
Kraken further broadened its appeal with the launch of the Krak payment app in June 2025, positioning itself as a competitor to established services like Venmo and PayPal. The app offers zero-fee local and international payments, and recent updates have introduced features such as a cashback debit card, salary deposits, and wealth management tools.
Moreover, the exchange expanded its derivatives trading offerings in Europe and the UK. In the U.S., Kraken has begun offering CME Group derivatives contracts that cover various assets, including equity indices, energy, metals, and foreign exchange.
In a show of investor confidence, Payward secured a $200 million investment from Citadel Securities in November 2024, valuing the company at an impressive $20 billion post-money. The company has also filed confidentially for an initial public offering, signifying its intent to further capitalize on its market position.
Recently, KRAKacquisition Corp, a special purpose acquisition company backed by Kraken, made its debut on Nasdaq, raising $345 million through its IPO. The blank-check company is sponsored by Natural Capital and Tribe Capital, adding to the momentum behind Payward’s burgeoning portfolio.
Sethi reiterated Payward’s commitment to long-term growth across multiple asset classes and geographies, emphasizing the strategy of building a cohesive infrastructure that allows for easy integration of new products. This forward-thinking approach ensures the company remains at the forefront of an ever-evolving financial landscape.
