Payward Revenue Rises Amid Decline in Spot Trading Volumes

Payward, the parent company of Kraken, reported $508 million in adjusted revenue for Q2 2026, representing a 17% increase year-over-year. This growth was largely driven by the expansion of equities and tokenized equities trading on their platform.

However, despite the revenue growth, Payward's adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) took a sharp hit, plummeting to $23 million from $80 million in Q2 2025. This decline was largely attributed to weaker spot trading volumes.

The company's transaction volume for the quarter reached $310 billion, but this represents an 18% drop compared to the same period last year. Payward attributed this decline partially to lower crypto spot transaction volumes.