Kraken Parent Payward Revenue Jumps Amid Decline in Trading Volume

Kraken parent Payward's revenue rose to $508 million in Q2 2026, up 17% from $433 million a year earlier. This growth came despite an 18% decline in platform transaction volume to $310 billion.

The adjusted EBITDA margin narrowed to roughly 4.5%, down from about 18% in the same period last year, after dropping to $23 million from around $80 million. However, this represents a modest quarterly recovery from $18 million in Q1.

Funded accounts on the platform reached 6.6 million, increasing by 42% from Q2 2025 and up from 6.1 million at the end of Q1 2026. Assets held on the platform remained near $40 billion, while 'Real Assets on Platform' grew 48% year over year to $65 billion.

The shift in revenue mix is clear: asset-based and other revenue accounted for 60% of total revenue in Q2, up from 55% a year earlier. This diversification reflects Payward's expansion beyond spot crypto trading through various services such as derivatives, equities, tokenized assets, payments, and financial infrastructure.