Key facts
- Kraken parent Payward reported $508 million in adjusted revenue for Q2, up 17% year over year.
- Despite a 13% decline in crypto spot trading volume, funded accounts grew 42% to 6.6 million.
- Asset-based and other revenue constituted 60% of total revenue, indicating diversification beyond transaction fees.
- The company achieved positive adjusted EBITDA of $23 million.
- Payward expanded its offerings to include equities, tokenized stocks, and futures.
Kraken's parent company, Payward, reported a 17% year-over-year increase in adjusted revenue for the second quarter, reaching $508 million. This growth was achieved despite a 13% decline in overall crypto spot trading volume. The company saw a significant surge in funded accounts, which jumped 42% to 6.6 million.
Payward maintained positive adjusted EBITDA of $23 million. A notable shift in revenue composition saw asset-based and other revenue account for 60% of the total, up from 55% in the prior year, indicating a successful diversification beyond transaction-based fees.
The company attributed its revenue growth to increased contributions from traditional futures, equities, and tokenized equities, which helped offset the weaker performance in crypto spot markets. Payward also reported gaining spot market share for the third consecutive quarter.
Over the past year, Payward has strategically expanded its offerings beyond spot crypto trading to include equities, tokenized stocks, pre-IPO exposure, and futures. This expansion has been supported by strategic acquisitions, including the futures trading platform NinjaTrader in May 2025 and the regulated derivatives exchange Bitnomial the following year. Most recently, Payward announced a deal to acquire Magic Labs’ wallet infrastructure business.