Kraken parent Payward revenue rises 17% as trading volume falls in Q2
Summary
Payward, Kraken’s parent, reported $508 million in adjusted revenue for Q2, up 17% year over year, despite weaker crypto spot trading. Total transaction volume fell 13% to $310 billion, while funded accounts rose 42% to 6.6 million. Adjusted EBITDA was $23 million. Asset-based and other revenue made up 60% of total revenue, showing a bigger shift away from transaction fees. Growth in futures, equities and tokenized equities helped offset softer spot activity, and spot market share increased for a third straight quarter. The company has been expanding into equities, tokenized stocks, pre-IPO exposure, futures, and broader financial infrastructure through acquisitions and planned deals.
