TL;DR
- Payward, Kraken’s parent company, recorded a 33% revenue growth in 2025, reaching $2.2 billion.
- Trading accounted for 47% of revenue, while asset-based services and other sources contributed the remaining 53%.
- Payward submitted a confidential IPO filing and centralizes all its services in a single system to support sustained, diversified growth.
Payward, Kraken’s parent company, posted a 33% increase in revenue in 2025, reaching $2.2 billion compared to $1.6 billion in 2024. The growth was driven by higher trading volumes across the company’s platforms and the impact of recent acquisitions, including Backed and NinjaTrader. The company processed $2 trillion in transactions, 34% more than the previous year, and reported increased engagement from active users.
Trading represented approximately 47% of Payward’s revenue, while asset-based services and other sources made up the remaining 53%, diversifying revenue streams and preventing reliance on a single segment. The company also reported an 11% growth in platform assets, which reached $48.2 billion, and a 50% increase in funded accounts, totaling 5.7 million.
Diversification and Strong Performance
The company’s performance was broad and consistent, without focusing on a single product or market. Activity across all segments showed steady increases throughout the year, with continuous growth in user-related metrics. The acquisitions of Backed and NinjaTrader directly contributed to expansion, producing a 119% increase in average daily trading revenue. Backed integrates tokenized stocks within the xStocks platform, combining traditional financial products with cryptocurrencies.
Payward Prepares for IPO
Payward confidentially filed for an initial public offering (IPO) and is using its financial results to demonstrate operational strength ahead of the listing. The company’s growth strategy focuses on the long term, expanding gradually across various asset types and regions rather than relying on a few markets or products. All services are integrated into a single system, allowing the platform’s operations to be centralized.
The company aims to maintain balanced revenue and sustainable operations by developing a structure that combines trading, assets, and newly acquired products. Payward plans to consolidate its position in the crypto industry, supported by solid financial and operational foundations prepared to withstand entry into public markets
