Payward Revenue Rises Despite Crypto Spot Trading Decline

Kraken's parent company Payward reported a 17% increase in adjusted revenue to $508 million for Q2 2026, despite a 13% drop in total transaction volume to $310 billion. This decline was driven by weaker crypto spot activity, but the company stayed profitable on an adjusted basis with EBITDA of $23 million.

The share of revenue coming from asset-based and other sources rose to 60%, up from 55% a year ago, as the company shifts its focus away from trading fees. Funded accounts grew by 42% to 6.6 million, while total assets on the platform stood at $40 billion.

Payward has been expanding through acquisitions, including regulated derivatives stack in the U.S., and preparing for a potential IPO. The company's DeFi Earn Bitcoin Vault brought in around $400 million in deposits, while its new products such as tokenized pre-IPO exposure and crypto-backed credit showed stronger momentum in Europe following its authorization under MiCA.