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Kraken parent Payward reports $508M Q2 revenue, revenue mix shifts
Payward said adjusted revenue rose 17% to $508 million, while total platform transaction volume fell 13% to $310 billion as asset-based revenue increased to 60% of total.
Kraken parent Payward reported $508 million in adjusted revenue for the second quarter, up 17% year over year, as growth broadened beyond crypto spot trading, according to Yahoo Finance. The quarter ended June 30.
Payward also reported adjusted EBITDA of $23 million, while total platform transaction volume declined 13% to $310 billion. The company attributed the drop to weaker crypto spot activity across the industry even as equities, tokenized equities, and traditional futures gained share on its platform.
The revenue mix continued to shift, with asset-based and other revenue rising to 60% of total revenue from 55% a year earlier. Funded accounts climbed 42% to 6.6 million, and assets on the platform stood at $40 billion.
Payward said it saw stronger momentum in the European Economic Area after MiCA authorization and framed its strategy as building one platform across crypto, equities, derivatives, and regulated financial infrastructure. It also pointed to acquisitions and launches, including the May 1 close of its purchase of CFTC-regulated derivatives venue Bitnomial and the July 1 follow-on of Reap, and it noted its plans for a potential public listing remain in place after pausing an earlier IPO, with no new timetable set.