Kraken Releases 2025 Financials As IPO Looms
15 years after it’s founding, Kraken is taking a step to separate itself from the idea of being “crypto only.” Yesterday, the company introduced Payward - a parent company and platform of which Kraken is a single arm of.
What may seem confusing at first makes total sense when you consider that in 2025 Kraken began to significantly diversify, including:
$1.5B NinjaTrader acquisition
The purchase of prop trading firm Breakout
The acquisition of Backed to expand into tokenized equities via xStocks.
This makes sense when you begin to consider how Coinbase (COIN) is faring in the public markets compared to a diversified trading entity like Robinhood (HOOD).
Payward also announced high-level, full-year, financials highlighted by a reported $2.2 billion in adjusted revenue (up 33% YoY), transaction volume of $2 trillion (up 34% YoY), and adjusted EBITDA of $530 million (up 26% YoY).
After raising $200 million at a $20 billion valuation last year, speculation looms of just when an IPO might occur. Our guess? As soon as the turn around in crypto prices occurs this year. See all financials here →
Y Combinator Lets Startups Take Funding in Stablecoins
Silicon Valley’s best-known startup accelerator will allow startups to receive their funding in stablecoins, marking the first time it has offered founders this option. Notably, the option will be available to any YC-funded startup, not just crypto ones. Since first backing Coinbase in 2012, Y Combinator says it has invested in nearly 100 crypto-related startups and is looking to fund much more. Read more →
$1.5T SpaceX IPO: Pre-IPO Opportunity (From Paradigm Press)
Exxon and Chevron Have an Unlikely New Competitor (From EnergyX)
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