The digital asset landscape is undergoing a massive shift from speculative trading to structural maturity, a move underscored by the latest financial results from Payward Inc. (the parent company of Kraken).
On February 3, 2026, Payward reported a staggering $2.2B in adjusted revenue for 2025, marking a 33% year-over-year increase. More importantly, the data reveals a sea change in how capital is moving: while trading volume surged 34% to hit $2T, more than half of the company’s revenue (53%) now comes from non-trading services like custody, payments, and financing.
This revenue surge highlights a critical bottleneck in the
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