Payward, the parent company of the global cryptocurrency exchange Kraken, announced preliminary adjusted revenue figures for the 2025 fiscal year, projecting a landmark total of approximately $2.2 billion. This robust financial performance underscores the successful execution of a multi-year strategy focused on diversification and vertical integration within the broader financial technology sector.
The reported $2.2 billion adjusted revenue represents an estimated 45% increase compared to the previous year, demonstrating that Payward’s aggressive push into institutional services and proprietary technology development is yielding substantial returns, insulating the company somewhat from volatility in core retail spot trading.
Key drivers for the exceptional growth were identified as the rapid scaling of its newly acquired institutional division, ‘Argus Prime,’ which provides custody and high-volume trade execution for hedge funds and asset managers. Furthermore, the integration of ‘Vortex DeFi Solutions,’ a protocol development firm acquired in Q3 2024, contributed significant licensing and service revenue by enabling sophisticated staking and yield generation products for high-net-worth clients.
In commentary to shareholders, Payward CEO, David Li, stated: “Our strategic investments, totaling nearly $800 million over the past two years, have redefined our revenue streams. We have moved successfully from being primarily a trading platform to becoming a diversified financial infrastructure provider. The $2.2 billion figure is validation that resilient revenue growth requires moving beyond reliance on transaction fees alone.”
Analysts note that Payward’s current trajectory positions it firmly among the top global crypto financial conglomerates, leveraging a combination of regulated exchange operations and agile fintech subsidiaries to challenge established financial incumbents and compete aggressively with rivals prioritizing institutional market share.
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