Kraken 2025 Results: Scaling Up for an IPO

Our portfolio company, Kraken, has released its 2025 financial report. The standout achievement of the period is a large-scale business transformation: Kraken, once known primarily as a crypto exchange, is now part of the global holding company Payward.

Under this strategy, the company has integrated its services into a universal financial platform covering a wide range of asset classes. Beyond cryptocurrency, the Payward ecosystem now includes the xStocks equity trading service, the NinjaTrader futures platform, and an RWA (Real World Assets) division that brings traditional assets onto the blockchain through the newly acquired company, Backed.

This shift toward a multi-asset ecosystem has already yielded significant results, as reflected in the annual performance metrics.

Key Figures and Operational Growth

• Revenue reached $2.2 billion, a 33% increase over the previous year.
• EBITDA stood at $531 million. This figure demonstrates the business's efficiency, even amidst heavy investment in scaling the platform.
• Revenue streams have stabilized. Custody services, payments, and staking now account for 53% of total revenue, reducing the company's reliance on trading volumes and market volatility.
• Transaction volume hit $2 trillion (+34% YoY).
• AUM (Assets under Management) grew to $48.2 billion. The platform’s reliability is further underscored by a Proof-of-Reserves ratio exceeding 100% across all key client assets.
• Surge in professional tools: The number of futures traders (contracts on future asset prices) jumped by 119%, reaching 584,000.

Strategy: From Equities to Real World Assets

The unification of diverse markets under the Payward brand is, above all, about creating seamless infrastructure. The integration of tokenized assets via Backed has addressed a major pain point for large-scale investors: the slow banking settlements typically required when moving between different asset classes.

Institutional clients can now reallocate capital between traditional securities and crypto assets in seconds. This transforms blockchain technology into a powerful tool for global liquidity management.

As noted in the company’s report:

Crypto was the first asset class to move onto programmable, always-on rails. Tokenized equities, FX, futures, and real-world assets extend that same infrastructure into larger, more durable markets.

The Path to IPO

Payward is systematically aligning its business structure with global standards. In 2025, the company secured licenses in the UK and the EU under the MiCA (Markets in Crypto-Assets) framework, establishing a unified regulatory foundation in Europe.

Active engagement with regulators, consistent profitability, and a growing user base are clear indicators of IPO readiness. For Payward, its status as a compliant player bridging cryptocurrency and traditional finance may serve as a decisive competitive advantage in its IPO valuation.

We continue to closely monitor Kraken’s progress. Current performance confirms that the company is successfully diversifying its revenue streams and strengthening its global market position. Within our portfolio, Kraken remains one of the most promising assets with a clear trajectory toward a public listing.

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