TLDR

  • Kraken’s parent company, Payward, reported $2.2 billion in revenue for 2025, a 33% increase from $1.6 billion in 2024.
  • Revenue was nearly evenly split between trading operations (47%) and asset-based services such as custody and payments (53%).
  • Transaction volumes across the platform surged by 34% year-over-year, reaching $2 trillion.
  • Acquisitions, including NinjaTrader, Breakout, and Backed, contributed to growth and diversification into new markets.
  • Platform assets grew by 11% to $48.2 billion, and funded accounts increased by 50% to 5.7 million users.

Payward, the parent company of Kraken, announced its 2025 revenue reached $2.2 billion, a 33% rise from the $1.6 billion recorded in the previous year. Co-CEO Arjun Sethi shared these results in a report released on Tuesday.

This revenue growth was driven by strong performance across various business segments. Trading operations and asset-based services each accounted for approximately half of the total revenue, with trading contributing 47% and custody, payments, and other services making up the remaining 53%.

The platform’s transaction volumes for the year totaled $2 trillion, marking a 34% increase from 2024. Sethi attributed this expansion to the platform’s deep liquidity and consistent user engagement.

Assets under management on the platform increased by 11% to $48.2 billion. The number of funded accounts saw even more significant growth, rising by 50% to reach 5.7 million users.

Acquisitions Drive Business Expansion

Payward expanded its product offerings through several acquisitions in 2025. The company acquired the futures trading platform NinjaTrader for $1.5 billion. Additionally, it acquired crypto prop trading firm Breakout, derivatives platform Small Exchange, and trading automation software Capitalise.ai.

The acquisitions of NinjaTrader and Breakout notably boosted daily trading activity, leading to a 119% increase in average revenue trades. In January 2026, Payward finalized another acquisition, purchasing Backed, which operates the xStocks tokenized equities platform.

Sethi stated that the company drew inspiration from major tech companies like Meta and . This strategy involves segmenting products to cater to specific customer groups, aiming to enhance usage by tailoring each offering to distinct user needs.

Multi-Asset Strategy and Product Launches

launched its Krak payment app in June 2025, positioning itself as a competitor to services like Venmo and PayPal by offering free local and international payments. Subsequent updates in November introduced a cashback debit card, salary deposit capabilities, and wealth management tools.

The exchange broadened its derivatives trading offerings in Europe and the UK. In the United States, Kraken now provides access to CME Group derivatives contracts across equity indices, energy, metals, and foreign exchange.

In November 2024, Payward secured a $200 million investment from Citadel Securities, valuing the company at $20 billion post-money. The company also submitted a confidential filing for an initial public offering in November 2024.

Last week, KRAKacquisition Corp, a special purpose acquisition company backed by Kraken, debuted on Nasdaq, raising $345 million through its initial public offering. Natural Capital and Tribe Capital served as sponsors for the blank-check company.

Sethi reiterated Payward’s commitment to long-term growth across diverse asset classes and global markets. The company’s strategy centers on developing unified infrastructure that minimizes the cost of introducing new products relative to their value.