Key Points
- Payward reported strong 2025 growth driven by asset services and expanded trading operations.
- Diversification and regulation helped stabilize performance amid volatile crypto markets.
Payward, the parent company of Kraken, reported $2.2 billion in adjusted revenue for 2025, representing a 33% year-over-year increase.
The company recorded $2.0 trillion in transaction volume across platforms, while adjusted EBITDA rose to $531 million, up 26% annually.
Growth was supported by integrating acquisitions such as futures platform NinjaTrader and proprietary trading venue Breakout into core operations.
Revenue Mix Shifts Toward Asset Services
Asset-based services including custody, yield products, payments, and financing generated 53% of total revenue.
Spot and derivatives trading accounted for the remaining 47%, reducing sensitivity to market-driven trading volume fluctuations.
Assets under management increased to $48.2 billion, while funded accounts grew 50% to 5.7 million during the year.
Futures trading showed notable expansion, with daily average revenue trades rising 119% following the launch of US-regulated crypto futures.
Operational Resilience and Regulatory Progress
In October, Payward’s infrastructure remained operational during a single-day crypto market decline of 1.5%, according to company disclosures.
The fourth quarter generated $625 million in adjusted revenue and $84 million in EBITDA despite softer industry conditions.
Competitor Coinbase reported $1.9 billion in Q3 2025 revenue, with subscriptions and services comprising 40% of its total.
Payward secured MiCA and EMI licenses in the EU and UK as regulatory frameworks strengthened.
The company also began preparations for a potential IPO and announced plans for an additional Nasdaq listing to expand its public market presence.
