Payward, the company behind the crypto exchange Kraken
$628.61M
A mix of higher trading activity and successful acquisitions helped push total revenue to $2.2 billion, up from $1.6 billion the year before.
According to Kraken co-CEO Arjun Sethi, the company’s growth came from steady performance across both its trading and asset-based businesses.
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Transaction volume increased by 34% year over year, reaching about $2 trillion. He noted that income sources were evenly split, with 47% coming from trading fees and 53% from asset-related and other services.
Sethi said that Payward’s acquisition strategy played a key role in this expansion. In 2025, the company completed several deals, following an approach inspired by major tech firms like Meta and Amazon.
One notable purchase was Backed, a company focused on tokenized stocks that supports the xStocks platform. Other acquisitions, including NinjaTrader and Breakout, helped Payward increase daily average trade revenue by 119%.
The company’s overall asset base also grew. Total assets on its platform climbed 11% to $48.2 billion, and the number of funded accounts jumped 50% to 5.7 million.
Sethi also said the company is not chasing short-term targets. Instead, its focus is on building long-term, stable growth across different asset classes and regions.
Meanwhile, Nomura Holdings plans to scale back its cryptocurrency exposure after reporting weaker third-quarter profits. What did the company say? Read the full story.
