Payward, the parent company of crypto exchange Kraken, said 2025 adjusted revenue grew 33% as transaction volume increased by 34% to $2 trillion.

Trading-based revenue accounted for 47% of the $2.2 billion total, the company said in a blog post, with rest coming from non-trading sources such as custody, payments and financing. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) rose to 26% to $531 million.

The 15-year-old company, which lodged a confidential draft U.S. IPO filing in November, said its corporate structure separates consumer products from infrastructure operations, likening the strategy to those of tech giants Alphabet (GOOG), Meta (META), and Amazon (AMZN).

“By separating infrastructure from product expression, Payward ensures that innovation does not come at the expense of control, risk discipline, or regulatory integrity,” the firm wrote.

The corporate structure marks a formal move for the company to encompass the multiple platforms Kraken, now the sixth-largest crypto exchange by trading volume, has acquired over the years. These include NinjaTrader, Breakout and Backed Finance.

These acquisitions contributed to a 119% increase in daily average revenue trades (DARTs) for futures products, the company said.

Payward said it ended the year with $48.5 billion in assets on the platform, up 12%. The number of funded customer accounts rose 50% to 5.7 million.

The revenue figure is adjusted for trading costs and and gains or losses on trading activities, the company said.