Crypto exchange Kraken’s parent company, Payward, announced a 33% increase in revenues for 2025, fueled by rising transaction volumes and strategic acquisitions. The company’s earnings surged to $2.2 billion, up from $1.6 billion in 2024, thanks to strong performance across both trading and asset-based businesses. Total transaction volumes increased by 34% to $2 trillion, as stated by Kraken Co-CEO Arjun Sethi in a report released Tuesday.
Sethi noted that the revenue split was approximately 47% from trading and 53% from asset-based and other income sources.
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Source: Kraken
The report emerges as investors monitor Kraken’s plans for a public offering, following its confidential IPO filing in November.
Acquisitions Boost Revenue
Sethi credited 2025 acquisitions for revenue growth and took inspiration from tech giants like Meta and Amazon to enhance product differentiation aimed at specific customer segments. In the previous year, Payward acquired several firms including the futures trading platform NinjaTrader, the prop trading firm Breakout, and the derivatives trading platform Small Exchange. Additionally, Payward gained Capitalise.ai, a trading automation software provider, and Backed, which deals with tokenized stocks.
He revealed that these acquisitions, particularly NinjaTrader and Breakout, resulted in a 119% rise in daily average revenue trades. Sethi also reported that assets on the platform grew by 11% to $48.2 billion and funded accounts surged 50% to 5.7 million.
Looking forward, Payward aims to enhance long-term, risk-adjusted throughput across various asset classes and geographies rather than focusing on individual metrics. This strategy emphasizes efficiency rather than merely expanding the product output.
