The Late Stage 50 · 2026 edition · #12 of 50
Kraken (Payward)
Payward is the parent company of the Kraken crypto exchange, NinjaTrader, Breakout and the xStocks tokenised-equities platform.
US$2.2bnFY2025 · reported
—growth not disclosed
#12rank by disclosed revenue
The figure
- Revenue
- $2.2 billion adjusted revenue
- In US dollars
- US$2.2bn
- Standing
- stated
- Published
- 3 Feb 2026
- Evidence
- Growth
- —
FY2025 · reported1Payward / Kraken · 3 Feb 2026
as stated
Company stated
accessed 17 Oct 2026
“Adjusted revenue reached $2.2 billion, representing 33% year-over-year growth” — as read on the source page1Payward / Kraken · 3 Feb 2026
no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
Context
- Sector
- Fintech
- Website
- www.kraken.com
- Status
- Private as of 17 October 2026
Digital asset exchange / trading infrastructure
Payward, Inc. (Kraken) announced on 19 Nov 2025 that it had confidentially submitted a draft registration statement on Form S-1 to the US SEC for a proposed IPO, expected after the SEC completes its review, subject to market and other conditions. Not listed as of 17 Oct 2026.2status check · 17 Oct 2026
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Every figure on this page, by source.
- 1Payward / Kraken · 3 Feb 2026blog.kraken.com/news/kraken-2025-financials
- 2status check · 17 Oct 2026www.coindesk.com/business/2026/09/26/kraken-s-parent-payward-is-betting-billions-on-becomi…
Every link was opened on 17 October 2026 and the figure read on the page. Secondary-market indications, where shown, are provided by Forge Global and Clarity (formerly Hiive), are not offers, and play no part in the ranking.