TL;DR:
- Payward, Kraken’s parent company, reported adjusted revenue of $508 million in Q2 2026, a 17% year-over-year increase.
- Adjusted EBITDA was positive at $23M despite a 13% drop in transaction volumes, which fell to $310B.
- Revenue from assets and other segments climbed to 60% of total, with 6.6 million funded accounts, up 42% year-over-year.
Payward, the parent company of exchange Kraken, published its second quarter 2026 results: adjusted revenue of $508 million, an increase of 17% year-over-year, and a positive adjusted EBITDA of $23 million for the period ending June 30. Notable figures despite the generalized contraction in spot volumes across the crypto industry, evidencing that the company is actively diversifying its revenue streams.
Total transaction volume on the platform fell 13% year-over-year to $310 billion, with a notable migration toward equities and tokenized equities. Despite this, the firm stated it had gained spot market share for the third consecutive quarter.
The assets and other revenue segment went from representing 55% to 60% of total revenue, a signal that the business no longer relies exclusively on trading. Funded accounts reached 6.6 million, with growth of 42%, driven in part by the MiCA authorization obtained in the European Economic Area. Assets on platform stood at $40 billion.
Payward Goes Beyond Trading: Acquisitions and Growth
Arjun Sethi, co-CEO of Payward, attributed the results to the strategic bet of building a unified platform rather than separate products. “Three forces are reorganizing global markets: the convergence of asset classes, the shift of activity toward regulated environments, and the automation of market participation,” he stated.
Payward also continued advancing its acquisition process. On May 1 it closed the purchase of Bitnomial, completing its CFTC-regulated derivatives stack. On July 1 it incorporated Reap, a stablecoin payments platform, and on July 27 it agreed to acquire the wallet infrastructure business of Magic Labs to strengthen its B2B services with embedded wallets.
Regarding the stock market, the public listing remains on hold. Payward confidentially submitted a draft S-1 to the SEC on November 19, 2025, and publicly confirmed its IPO plans in April 2026, after having paused the process in March due to adverse market conditions.
With no new date defined, the company maintains a valuation of $20 billion obtained in a November funding round. In the first quarter it had reported $507 million in adjusted revenue, and $2.2 billion for the full year 2025.
