Crypto-doubters faced a reality check in 2025 as Kraken, one of the world’s largest digital currency exchanges, posted $2.2 billion in adjusted revenue. That figure represents a 33% jump from the previous year, proving that cryptocurrency platforms continue attracting serious business despite persistent skepticism from traditional finance circles.
The revenue breakdown tells an interesting story about how crypto companies are evolving. While trading fees still matter—contributing 47% of total revenue—more than half the money now comes from asset-based services like custody, yield products, payments, and financing. Think of it like a bank that started as a currency exchange booth but gradually added vaults, savings accounts, and loans. Central banks’ actions also shape broader market dynamics that influence crypto demand and asset prices through the interest rate channel.
Kraken’s platform handled an impressive $2.0 trillion in total volume during 2025, up 34% year-over-year. That includes everything from spot trading to futures, over-the-counter deals, and even equities. The futures business proved particularly hot, with daily average revenue trades soaring 119%.
When markets went haywire during an October liquidation event, Kraken’s systems kept running smoothly—a performance that likely impressed potential investors. The company’s tech stack unified under Payward delivered global liquidity, risk management, and compliance without any disruptions.
Speaking of investors, the company managed assets worth $48.2 billion by year’s end while expanding to 5.7 million funded accounts. That’s 50% more accounts than the previous year, suggesting people increasingly trust the platform with their crypto, stocks, and regular money.
Regulatory wins added credibility throughout the year. Kraken secured approval under Europe’s MiCA framework from Ireland’s Central Bank, obtained multiple licenses including UK EMI and MiFID certifications, and acquired a Cyprus broker to strengthen European operations. These moves matter because regulators worldwide are watching crypto companies closely.
The acquisition spree continued with purchases of NinjaTrader, Breakout, Small Exchange, and Capitalise.ai, plus closing the Backed deal in early 2026. Each addition expands what users can do on the platform.
All this activity sets the stage for Kraken’s parent company Payward Inc., which filed confidentially for an IPO in November after raising $800 million at a $20 billion valuation. The 2025 results provide potential shareholders a clear picture of the company’s earning power and growth trajectory. The company reported adjusted EBITDA of $531 million, demonstrating strong profitability alongside its revenue expansion.
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