Kraken's 2025 Revenues Reach $2.2 Billion with 33% Increase

Kraken cryptocurrency exchange's parent company Payward announced that it increased its revenues by 33% to $2.2 billion in 2025. This growth was supported by the maturation of the crypto market and diversification strategies. Trading volumes rose 34% to $2 trillion, with 47% of revenues from trading fees and 53% from sources like asset management. This distribution demonstrates the platform's strength in non-trading revenues.

Source: Kraken

Kraken's 2025 Financial Growth Metrics

Payward's success is clear in the numbers: Platform assets rose 11% to $48.2 billion, while funded accounts grew 50% to 5.7 million. Daily average revenue-generating trades increased 119%. The table below summarizes the key metrics:

Revenue Diversification Through Acquisitions

The company diversified through acquisitions like NinjaTrader (futures trading platform), Breakout, Small Exchange, Capitalise.ai (automated trading), and Backed (tokenized stock platform). These moves reduced reliance on crypto trading alone; for example, integration with Backed's tokenized asset marketplace supported spot markets like BTC detailed analysis while bringing traditional finance into crypto. Result: Daily trades rose 119%, providing a stable revenue stream.

BTC's Impact on Asset and User Growth

BTC's market leadership drove Kraken's asset growth. A large portion of the $48.2 billion AUM comes from BTC custody and staking. User growth (50%) reflects retail investors' interest in products like BTC futures trading. Technically, high liquidity kept slippage low, accelerating institutional inflows.

Technical Analysis of Revenue Sources

Trading-based revenue (47%) is sensitive to volatility, while asset-based (53%) is stable from staking and custody fees. This shift inflated trading volume during the 2025 BTC rally (over 100% increase) but reduced risk through diversification. Expert view: Payward's API integrations (Capitalise.ai) boosted algo trading volume by over 20%, providing a competitive edge against Binance.

IPO Application and Long-Term Strategy

Payward, which filed a confidential IPO application in November 2025, is focusing on risk-adjusted efficiency. A 2026 bull market listing could strengthen BTC infrastructure with capital raises. Potential: Over $1B in funding for new products, expanding the user base to over 10M.