Payward's Revenue Growth Masks Decline in Adjusted EBITDA

Kraken's parent company Payward reported its second-quarter financial results, showing revenue growth despite declining transaction volume.

The adjusted revenue increased by 17% to $508 million in Q2 2026 compared to the same period last year. However, the adjusted EBITDA fell by 71% to $23 million due to weaker spot activity.

Funded accounts grew 42% year-over-year to 6.6 million, with a significant increase in the European Economic Area following Payward's authorization under the EU's MiCA framework.