Kraken Parent Payward Posts $508M Q2 Revenue, Up 17% Year Over Year

Kraken Parent Payward Posts $508M Q2 Revenue, Up 17% Year Over Year

Fri, August 14, 2026 at 7:52 PM GMT+3 2 min read

• KRAK.PVT

Kraken parent Payward reported $508 million in adjusted revenue for the second quarter, up 17% from a year earlier on Friday as growth broadened beyond crypto spot trading.

Adjusted EBITDA came in at $23 million for the quarter ended June 30, while total platform transaction volume fell 13% to $310 billion. Payward said the decline reflected weaker crypto spot activity across the industry, even as equities, tokenized equities and traditional futures gained share across its platform.

The revenue mix continued to shift. Asset-based and other revenue rose to 60% of total revenue from 55% a year earlier, while funded accounts climbed 42% to 6.6 million. Assets on the platform stood at $40 billion, with Payward citing stronger momentum in the European Economic Area following MiCA authorization.

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Co-CEO Arjun Sethi said the company's strategy has been "to build one platform rather than a collection of products," tying the quarter to a broader convergence between crypto, equities, derivatives and regulated financial infrastructure.

Payward has been adding to that platform through acquisitions. The company closed its purchase of derivatives venue Bitnomial on May 1, completing its U.S. CFTC-regulated derivatives stack. Stablecoin payments firm Reap followed on July 1, while Payward agreed later that month to acquire Magic Labs' wallet infrastructure business for its B2B services offering.

Other launches during the quarter included CFTC-regulated spot margin and perpetual futures for U.S. traders, tokenized pre-IPO exposure, crypto-backed credit and wider distribution for xStocks. Its DeFi Earn Bitcoin (CRYPTO: $BTC) Vault also attracted about $400 million in deposits.

The results arrive as Payward continues to prepare for a potential public listing after pausing its IPO earlier this year. No new timetable has been set.

For Kraken, the quarter shows a business becoming less dependent on spot trading, with payments, tokenized assets, derivatives and infrastructure carrying a larger part of the growth story.