Kraken parent company Payward reported $2.2B in adjusted revenue for 2025, up 33% YoY. Trading made up 47% of revenue, while 53% came from non trading businesses such as custody, payments, yield, and financing. > Total platform transaction volume reached $2T, up 34% YoY, driven by sustained user engagement and growing assets on platform. > In 2025, Kraken ramped up diversification, highlighted by the $1.5B NinjaTrader acquisition, the purchase of prop trading firm Breakout, and the acquisition of Backed to expand into tokenized equities via xStocks. > Kraken also launched the Krak app, positioning itself as a payments focused super app with free transfers, cashback debit cards, salary deposits, and expanded wealth tools. > On the derivatives front, the exchange expanded across Europe and the UK, while its US platform added CME listed contracts spanning equities, FX, metals, and energy. > IPO speculation is growing after a Kraken backed SPAC raised $345M on Nasdaq, following a $200M investment from Citadel Securities that valued the company at $20B.