Payward Inc., the parent company of cryptocurrency exchange Kraken, reported revenues of $2.2 billion for fiscal year 2025. This represents a 33% year-over-year increase, according to a company statement. The results reflect balanced expansion between trading and asset-based services and establish a stronger foundation for the business ahead of its initial public offering (IPO).
Payward’s revenue reached $2.2 billion in 2025. Overall, it was driven by a roughly equal split between trading and asset-based businesses. Trading activities accounted for approximately 47% of revenue, while asset-based services, such as custody, yield generation, payments, and funding, made up the remaining 53%.
EBITDA was reported at $531 million, and fourth-quarter revenue was $625 million, underscoring the company’s operational scale even as markets exhibited volatility.
Total assets held on the platform increased to $48.5 billion, representing a 12% year-over-year increase, according to the company. Futures activity also scaled sharply: integration work with NinjaTrader and Breakout contributed to a 119% increase in Futures Daily Average Revenue Trades (DARTs), which helped boost trading revenue.
Payward’s short-term goals
Payward attributed its growth to a unified infrastructure layer supporting Kraken and a number of expanding products, including NinjaTrader, CF Benchmarks, Breakout, and xStocks. This integration improved operational performance and enabled scaling across products: futures execution and asset custody scaled in parallel, boosting both trading and asset-based revenue streams.
The revenue mix demonstrates significant diversification within the company, with earnings not solely dependent on a single activity. This results in balanced performance, linking earnings to asset balances and performance products, which interact with market rates and custody demand.
Payward’s results were released as the company prepares for its initial public offering (IPO), a process that began in the last quarter of last year. The strong revenue and positive EBITDA made the metrics favorable for potential investors.
For market participants, the figures imply greater competitive pressure on custody and derivatives providers and could influence institutional counterparties’ assessment of Payward’s capital and product strategy.
