Payward Posts Strong Q2 Results as Crypto Industry Faces Slowing Volumes

Payward, the parent company of cryptocurrency exchange Kraken, reported an adjusted revenue of $508 million for the second quarter. This represents a year-over-year increase of 17%.

The growth comes despite a decline in crypto spot volumes across the industry, with total platform transaction volume dropping 13% to $310 billion. However, Payward has seen its share of the spot market grow for three consecutive quarters.

Asset-based and other revenue now accounts for 60% of Payward's total revenue, up from 55% in the previous year. The company also reported a significant increase in funded accounts, with numbers rising 42% to 6.6 million. Assets on platform stood at $40 billion.

Arjun Sethi, co-CEO of Payward, attributed these results to the convergence of asset classes and the automation of market participation. He emphasized that the company's decision to build a single platform has contributed to its growth. Payward has also been actively pursuing acquisitions, including the purchase of derivatives venue Bitnomial, stablecoin payments platform Reap, and Magic Labs' wallet infrastructure business.

Payward confidentially filed for an IPO with the SEC in November 2025 and publicly confirmed its listing plans in April after pausing due to market conditions. The company has not set a new timeline for its public listing and was valued at $20 billion in a November funding round.