Payward Revenues Jump 33% as Traders Flock to Kraken

Crypto exchange Kraken’s parent company, Payward, reported 33% revenue growth in 2025 as transaction volumes rose and the business capitalized on its acquisitions.

The company’s revenues rose to $2.2 billion last year, up from $1.6 billion in 2024 due to “broad-based performance across trading and asset-based businesses,” with total transaction volumes rising 34% over the year to $2 billion, Kraken co-CEO Arjun Sethi said in a report on Tuesday.

He added that revenues were “well balanced,” with around 47% coming from trading-based revenue and 53% from asset-based and other revenues.

The report comes as investors closely watch out for Kraken’s public launch, after the company confidentially filed for an initial public offering in November.

Acquisitions helped diversify income

Sethi said Payward’s acquisitions in 2025 helped boost its revenues, and it has taken inspiration from tech giants such as Meta and Amazon to separate its products to increase their usage, allowing “each product to be designed for a specific customer segment.” 

Last year, Payward acquired the futures trading platform NinjaTrader, the prop trading firm Breakout, the derivatives trading platform Small Exchange and the trading automation software Capitalise.ai.

Payward also acquired Backed last month, a company operating in the tokenized stocks space that backs the popular xStocks platform.

Sethi said these acquisitions, especially NinjaTrader and Breakout, led to a 119% boost in daily average revenue trades.

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The report added that assets on the platform saw an 11% increase to $48.2 billion, while funded accounts grew 50% to 5.7 million, he added.

Sethi said that looking ahead, Payward’s focus is “not on maximizing any single metric in isolation. It is on maximizing long-run, risk-adjusted throughput across a growing set of asset classes and geographies.”

“The company’s strategy is not driven by adding standalone products or chasing short-term cycles. It is driven by compounding efficiency across a single system,” he added.

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