Kraken Parent Payward Posts Soaring Revenue Amid 71% Profit Crash

Payward, the parent company of Kraken, reported a significant drop in its adjusted quarterly profit for the second quarter. The figure fell to $23 million, a 71% decrease from last year's earnings of $79.7 million.

The revenue, however, rose by 17% to $508 million, while rival Coinbase saw a 19% decline in revenue over the same period.

Payward has continued to acquire businesses despite the downturn, including futures broker NinjaTrader and derivatives venue Bitnomial. The company's co-CEO Arjun Sethi framed the quarter as a bet on scale, citing trends such as convergence across asset classes and automation of market participation.