Payward, the parent company of crypto exchange Kraken, said adjusted revenue for 2025 grew 33% as transaction volume increased 34% to $2 trillion.
Operations-based revenue accounted for 47% of the $2.2 billion total, the company said in a blog post, with the remainder coming from non-commercial sources such as escrow, 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 IPO filing in the United States 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 governance, risk discipline, or regulatory integrity,” the company wrote.
The corporate 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 revenue transactions (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.
The revenue figure is adjusted for trading costs and gains or losses on trading activities, the company said.
