Kraken Parent Payward Soars With 33% Revenue Surge Ahead of Planned IPO

TLDR

• Payward hits $2.2B revenue as IPO plans gain momentum in 2026
• Kraken parent expands empire with major acquisitions and record trading
• $2T volume surge pushes Payward toward public market spotlight
• Payward scales global crypto platform ahead of high-stakes IPO
• Growth, acquisitions, and $48B assets fuel Payward’s IPO runway

Payward reported strong 2025 growth as rising activity pushed revenue sharply higher and strengthened its position ahead of a planned IPO. The company expanded its scale across new business lines, and it increased output through wider platform adoption. Moreover, Payward advanced its model while preparing for broader market participation.

Revenue Expansion Strengthens Payward’s Core Business

Payward lifted its annual revenue to 2.2 billion dollars through stronger trading activity and rising asset-based income. The company improved platform throughput, and it recorded 2 trillion dollars in transaction volume during 2025. Payward increased operational leverage as unified systems supported higher demand.

The firm generated 531 million dollars in adjusted EBITDA as growing activity improved performance and boosted margin efficiency. Payward expanded its service network, and it balanced income between trading and asset-based products.  New services widened usage across global customer segments.

Payward advanced its financial position while preparing for a public listing, and it strengthened its infrastructure during volatile market conditions. The company raised fresh capital at a 20 billion dollar valuation, and it expanded its multi-asset roadmap. Payward reinforced its platform by supporting continuous service availability.

Acquisitions Broaden Payward’s Platform Strategy

Payward increased its reach through several significant purchases that added scale and expanded its offerings. The company acquired NinjaTrader, Breakout, Small Exchange, and Capitalise.ai to strengthen its trading ecosystem. These units lifted daily average revenue trades by 119 percent.

The firm completed the purchase of Backed to support its position in tokenized stocks through the xStocks platform. Payward integrated these assets within one system, and it leveraged a unified risk engine to reduce duplication. Moreover, shared liquidity improved speed and supported wider product use.

Payward strengthened its diversification plan as new acquisitions reduced reliance on trading-only income. The company used the expanded structure to build multiple revenue streams, and it increased product reach across several asset classes. Additionally, the platform maintained stability during heavy liquidation cycles.

Infrastructure Growth Supports Payward’s Long-Term Model

Payward ended 2025 with 48.2 billion dollars in assets on the platform as more customers funded accounts. The company increased funded accounts to 5.7 million, and it expanded its global system to support higher participation. Payward completed another Proof of Reserves review with ratios above 100 percent.

The firm advanced its consumer products by expanding its Krak payment app and its Krak Card for everyday spending. Payward positioned these tools to link digital wealth with regular financial activity, and it prepared them for broader rollout. The company expects rising throughput across multiple asset types.

Payward now plans to scale its unified infrastructure as markets shift toward on-chain settlement. The company continues building a single system for multiple asset classes, and it aims to support seamless global use. Payward enters 2026 with expanding momentum ahead of its potential public launch.

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