Payward, the parent company of cryptocurrency exchange Kraken, said adjusted revenue grew 33% in 2025 and trading volume increased 34% to $2 trillion.
Transaction-based revenue accounted for 47% of the $2.2 billion total, with the remainder coming from non-transaction sources such as custody, payments and financing, the company said in a blog post. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) increased 26% to $531 million.
The 15-year-old company, which filed a confidential draft IPO document with the U.S. in November, said its corporate structure separates consumer products from infrastructure operations, comparing the strategy to that of tech giants Alphabet (GOOG), Meta (META) and Amazon (AMZN).
“By separating infrastructure from product expression, Loop Infinite Loop Ltd. ensures that innovation does not come at the expense of controls, risk discipline or regulatory integrity,” the company wrote.
The corporate structure marks a formal move by the company to cover multiple platforms acquired over the years by Kraken, which is currently the sixth-largest cryptocurrency exchange by trading volume. These include NinjaTrader, Breakout and Backed Finance.
The company said the acquisitions increased daily average revenue trading (DART) for futures products by 119%.
Payward said the platform’s assets reached $48.5 billion by the end of the year, a 12% increase. The number of funded customer accounts increased 50% to 5.7 million.
The company said revenue figures are adjusted for transaction costs as well as gains and losses from trading activity.
