Payward posts $2.2bn in adjusted revenue for 2025 as transaction volume surges

Payward, the infrastructure group behind crypto exchange Kraken and several other financial platforms, reported $2.2 billion in adjusted revenue for 2025, up 33% year over year.

The company said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) reached $531 million, up 26% from the previous year, as overall activity and user numbers rose sharply.

Payward powers Kraken as well as NinjaTrader, Breakout, xStocks and CF Benchmarks through a shared infrastructure that includes liquidity, risk management, collateral and compliance systems.

Roughly 47% of revenue came from trading, with 53% from asset-based and other sources. The platform handled $2.0 trillion in total transactions during the year, a 34% increase, and ended 2025 with $48.5 billion in assets under custody.

Funded accounts grew 50% to 5.7 million, while futures daily average revenue trades (DARTs) rose 119%, according to the company.

Fourth-quarter adjusted revenue totalled $625 million, with adjusted EBITDA of $84 million.

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Payward said its systems remained fully operational during an October industry-wide liquidation event that saw more than $19 billion in leveraged positions closed out. The company also completed its quarterly Proof of Reserves as of 31 December 2025, which was reviewed and validated by a third-party accounting firm.

The company said it plans to continue expanding support for native digital assets, broaden its local market and regulatory coverage, and maintain margin and risk controls as protective measures rather than revenue tools.

The Recap

• Payward posted $2.2 billion adjusted revenue in 2025.
• Assets on platform rose to $48.5 billion, up 12%.
• Funded accounts increased to 5.7 million, a 50% rise.