Kraken Parent Payward's Q2 Earnings Plummet Amid Crypto Market Downturn

Kraken's parent company Payward saw a significant decline in second-quarter profits due to reduced trading volumes across the digital asset sector. In the three months ended June 30, adjusted pretax earnings dropped 71% year-over-year to $23 million.

This drop in revenue reflects weaker industry-wide spot cryptocurrency activity as prices softened and investor risk appetite cooled. Bitcoin's price, for example, was trading near half its peak reached in October 2025.

Despite the volume decline, Payward reported several positive indicators. Funded accounts rose 42% to a record 6.6 million, assets held on the platform stood at $40 billion, and real assets grew substantially when measured at constant prices.