TLDR
- Payward reported $508M in Q2 adjusted revenue, up 17% year over year
- Total transaction volume fell 13% to $310 billion as crypto spot trading weakened
- Funded accounts jumped 42% to 6.6 million
- Asset-based and other revenue now makes up 60% of total revenue, up from 55%
- Payward is expanding through acquisitions and preparing for a potential IPO
Kraken’s parent company Payward brought in $508 million in adjusted revenue for the second quarter of 2026. That is a 17% increase from the same period last year, even as crypto spot trading volumes dropped across the industry.
LATEST: 📊 Kraken parent Payward posted $508M in Q2 adjusted revenue, up 17% YoY, while staying adjusted EBITDA positive at $23M despite falling crypto spot volumes. pic.twitter.com/FpBZZIW1rl
— CoinMarketCap (@CoinMarketCap) August 14, 2026
Total transaction volume on the platform fell 13% year over year to $310 billion. Payward said the decline was driven by weaker crypto spot activity, a trend it described as industry-wide.
Despite the drop in trading volume, the company stayed profitable on an adjusted basis. Adjusted EBITDA came in at $23 million for the quarter ended June 30.
Revenue Mix Is Shifting Away From Trading Fees
The share of revenue coming from asset-based and other sources rose to 60%, up from 55% a year ago. This means more of Payward’s income is now coming from things like staking, custody and other services rather than trading fees.
Funded accounts on the platform grew 42% to 6.6 million. Total assets on the platform stood at $40 billion.
Payward said it gained spot market share for a third straight quarter, even as overall spot volumes fell.
The company pointed to growth in equities, tokenized equities and traditional futures as areas that helped make up for the weaker crypto spot numbers.
Acquisitions Are Driving the Expansion
Payward has been buying its way into new financial products. It closed the purchase of derivatives venue Bitnomial on May 1, completing its regulated derivatives stack in the U.S.
Stablecoin payments firm Reap was added on July 1. Later that month, Payward agreed to buy Magic Labs’ wallet infrastructure business to support its business-to-business services.
These deals follow earlier acquisitions including futures trading platform NinjaTrader, which Payward bought in May 2025.
During the quarter, the company launched several new products. These included regulated spot margin and perpetual futures for U.S. traders, tokenized pre-IPO exposure and crypto-backed credit.
Its DeFi Earn Bitcoin Vault brought in around $400 million in deposits.
Payward also cited stronger momentum in Europe following its authorization under MiCA, the European Union’s crypto regulatory framework.
Co-CEO Arjun Sethi described the strategy as building “one platform rather than a collection of products,” combining crypto, equities, derivatives and regulated financial infrastructure.
Payward paused its IPO earlier this year and has not announced a new timetable for a public listing.
The quarter shows a company that is steadily reducing its dependence on crypto spot trading, with payments, tokenized assets and derivatives now playing a larger role in its growth.
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