Kraken parent Payward gains market share as slower trading weighs on earnings
Summary
Payward, Kraken’s parent, increased its share of global spot trading to 6.5% in September from 3.3% a year earlier, despite lower overall activity. Third-quarter transaction volume fell 30% year over year to $353 billion, and adjusted EBITDA dropped 66% to $60 million. Results improved from the second quarter: platform margin rose 12% to $487 million and EBITDA increased from $23 million. Acquisitions in derivatives, trading and stablecoin payments are broadening revenue beyond exchange fees. Services less tied to trading accounted for 52% of platform margin, up from 46% a year earlier. Payward paused its IPO plans in March, with a potential listing window now considered for the second quarter of 2027.
