Payward, the parent company of crypto exchange Kraken, said adjusted revenue for 2025 increased 33%, with trading volume increasing 34% to $2 trillion.
Trading-based revenue accounted for 47% of the $2.2 billion total, the company said in a blog post, with the rest coming from non-trading sources such as custody, payments and financing. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) increased 26% to $531 million.
The 15-year-old company, which filed confidential plans for a U.S. IPO in November, said its corporate structure separates consumer products from infrastructure operations, comparing 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 company wrote.
The company structure marks a formal move for the company to encompass the multiple platforms that 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 trading revenue (DART) 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 increased by 50% to 5.7 million.
Revenue is adjusted for trading costs and gains or losses on trading activities, the company said.
