Kraken parent company Payward posts $508M revenue, profit drops sharply

Payward, the parent company of crypto exchange Kraken, reports adjusted revenue of $508 million for the second quarter of 2026. That is 17% more than a year earlier. At the same time, adjusted EBITDA falls sharply: from approximately $80 million in Q2 2025 to $23 million now. Total transaction volume on the platform shrinks by 18%, but the number of active accounts reaches a record level.

In short:

• Payward achieves adjusted revenue of $508 million in Q2 2026, an increase of 17% year on year.
• Adjusted EBITDA falls from $80 million to $23 million due to lower trading activity.
• The number of funded accounts grows by 42% to a record 6.6 million.

Lower trading volumes weigh on profitability

Total transaction volume on the Payward platform amounts to $310 billion in the second quarter, a decline of 18% from a year earlier and 13% less than the previous quarter. Co-CEO Arjun Sethi writes in the quarterly report on the Payward website that spot trading declined across the industry, while activity in futures, equities and tokenised equities grew.

Payward addressed the pressure on EBITDA in May by adjusting its cost structure to market conditions. According to the company, investments in key growth initiatives are shielded from these measures.

Record number of accounts and broader revenue mix

The number of funded accounts rises by 42% year on year to 6.6 million, the highest level ever for the company. Payward sees growth returning in multiple regions, particularly in markets where the regulatory position is strong, such as the European Economic Area following the MiCA authorisation.

The revenue mix continues to shift towards wealth-related services. Income from managed assets and other services now accounts for 60% of total revenue, compared with 55% a year earlier. The platform currently has $40 billion in assets under management. Adjusted for price fluctuations, client balances have grown for four consecutive quarters and amount to $65 billion on an annualised basis.

Futures DARTs, the number of daily futures transactions that generate revenue, rise by 8% year on year to 985,000, but are 14% lower than the previous quarter. Payward emphasises that 2026 is the year in which the company invests most in trading infrastructure, with the aim of serving both consumers and institutional parties and automated systems.