Payward's Profit Plummets as Revenue Rises 17% in Q2 2026

Payward, the parent company of crypto exchange Kraken, reported significant revenue growth but saw its profit decline sharply in Q2 2026. The sharp profit fall raises questions about the cost of Payward's aggressive acquisition strategy.

In stark contrast to Coinbase, which generated $1.22 billion in quarterly revenue but recorded a net loss of $359 million due to declines in crypto holdings, Payward saw its revenue rise 17% year-over-year to $508 million.

The divergence suggests that the broader crypto market slowdown alone cannot explain Payward's weaker profitability. Trading fees declined across the industry, but Payward benefited from newer business lines, many of which were added through acquisitions totaling at least $2.65 billion over roughly 18 months.

These deals include a $1.5 billion purchase for futures broker NinjaTrader in March 2025 and agreements to acquire derivatives platform Bitnomial for up to $550 million and stablecoin payments company Reap for up to $600 million, among others.