Payward, the parent company of crypto exchange Kraken, said 2025 adjusted revenue grew 33% as transaction volume rose 34% to $2 trillion.
Trade-based revenue accounted for 47% of the $2.2 billion total, the company said in a blog post, with the rest coming from non-trade sources such as custody, payments and financing. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) rose 26% to $531 million.
The 15-year-old company, which filed a confidential draft U.S. IPO filing in November, said its business structure separates consumer products from infrastructure operations, comparing the strategy to 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 step for the company to encompass the many 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 revenues (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 financed customer accounts increased by 50% to 5.7 million.
The revenue figure is adjusted for trading costs and and gains or losses on trading activities, the company said.
