Kraken / Payward revenue up 33% to $2.2bn in 2025, underscoring a year of steady execution rather than flashy headlines. Payward, the parent of Kraken, lifted revenue from $1.6bn to $2.2bn, supported by higher trading activity and a string of targeted acquisitions. In terms of overall growth in total transaction volume ($2.6 trillion), this represents a Y/Y increase of 34%, reflecting the strength of demand across all markets rather than being driven by a single asset class.
A key component of the overall growth is the diversity of growth sources. Payward’s overall growth was driven by several factors that occurred simultaneously, including trading, asset-related income, derivative products, and the automation and tokenization of products. That balance helped smooth volatility and improve predictability.
A Broader Business Than a Single Exchange
Kraken has historically served as a significant exchange for cryptocurrencies; however, in recent months (i.e., early 2025), we see them evolving into something larger than what they offer today, as they develop a more comprehensive product library by product type. Therefore, their move to develop a suite of specialized tools (or services) tailored to customer needs rather than a “one-size-fits-all” approach is consistent with how many powerful technology companies have grown and expanded (e.g., by developing specialized products first, then bringing them together).
Growth in spot trading, futures, derivatives, and asset servicing has remained stable even as Bitcoin’s price has fluctuated. This has been a significant change in an industry that tends to be tied to price changes.
Revenue Mix and Client Base
- Balanced revenue mix: 47% from trading and 53% from asset-based and other income.
- Assets on the platform: $48.2 bn, up 11% year over year.
- Funded accounts:5.7 million, a 50% increase
The shift in this balance has reduced dependence on trading fees alone, making it possible to generate additional revenue from new clients. The increase in the number of funded accounts provides evidence of stronger connections with users beyond just having a one-off speculative investment.
What Drove the Growth
- Active acquisitions: NinjaTrader for futures access, Breakout for prop trading, Small Exchange for derivatives, Capitalise.ai for automation, and Backed/xStocks for tokenized equities.
- Segmented products: Different platforms for different client types instead of one exchange trying to serve all needs.
- Focus beyond fees: Building services around assets, derivatives, and automation to support longer-term usage.
These moves helped Payward capture activity across multiple market conditions, while keeping operating priorities clear.
Why Kraken Is Under Close Watch
Beyond the numbers, Payward’s direction has drawn attention. The company has confidentially filed for a U.S. IPO, a step that could open another familiar gateway between traditional finance and crypto markets. For institutional investors, a diversified revenue base is often more attractive than pure exposure to price cycles.
A key theme has been operational discipline over short-term excitement. Payward values scale, integration, and efficiency across regions and asset classes instead of promoting short-term hype. Over time, this is likely to result in higher compound returns, particularly as markets cool.
What This Means Going Forward
With little attention from social media or the public, Kraken has begun transitioning from a primarily trading-focused platform to an overall financial platform. As a company with predictable revenues, diversified products, and possibly moving toward a public listing, it is beginning to resemble traditional market companies in its long-term value assessment.
If this trajectory holds, Payward’s 2025 results may be remembered less for the headline growth rate and more for how clearly they outlined a path beyond pure crypto cycles.
