Kraken parent Payward posts $508 million Q2 adjusted revenue, up 17%, $23 million EBITDA

August 14, 2026 at 05:21 PM2 min

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Payward, the parent of Kraken, said on Friday that second-quarter adjusted revenue rose 17% year over year to $508 million, with adjusted EBITDA of $23 million for the quarter ended June 30. Non-trading revenue reached 60% of total revenue, up from 55% a year earlier, even as platform transaction volume fell 13% to $310 billion.

Revenue and Trading Volume

Payward, the parent of Kraken, reported second-quarter adjusted revenue of $508 million, up 17% year over year, and adjusted EBITDA of $23 million for the quarter ended June 30. Total platform transaction volume fell 13% year over year to $310 billion, with the mix shifting toward equities and tokenized equities. The company said it gained spot market share for a third consecutive quarter, even as crypto spot volumes declined across the industry.

Diversification Beyond Trading

Asset-based and other revenue climbed to 60% of total revenue from 55% a year earlier. Funded accounts rose 42% to 6.6 million, with the company citing momentum in the European Economic Area following its MiCA authorization. Assets on platform stood at $40 billion, Payward disclosed on Friday. Co-CEO Arjun Sethi tied the results to a single-platform strategy, saying three forces are rearranging global markets: asset class convergence, onshoring into regulated venues, and automation of market participation.

Acquisitions and IPO Path

Payward closed its purchase of CFTC-regulated derivatives venue Bitnomial on May 1, completing its U.S. derivatives stack. It then closed the acquisition of stablecoin payments platform Reap on July 1 and agreed on July 27 to acquire Magic Labs' wallet infrastructure business for embedded wallets. The company confidentially filed a draft S-1 with the SEC on Nov. 19, 2025, and publicly confirmed IPO plans in April after pausing the listing in March. No new timeline has been set; the company was valued at $20 billion in a November funding round.