Key facts
- Payward handled $353 billion in third-quarter transactions, down 30% from a year earlier, per its results.
- Total platform margin fell 12% to $487 million from a year earlier but rose from $436 million in the second quarter.
- Margin from subscriptions, trader evaluations and other paid services rose 59% to $125 million.
- Derivatives contracts carrying a per-contract fee rose 84% to 66 million.
- Asset- and access-based services were 52% of total platform margin, up from 46% a year earlier.
- Payward said the earliest potential IPO window under consideration by September was the second quarter of 2027.
Payward, the parent company of crypto exchange Kraken, reported on November 13, 2026 that its share of global crypto spot trading reached 6.5% in September, up from 3.3% a year earlier. The company said the gain reflected a larger portion of trading relative to competitors rather than more activity on its own platforms.
Transaction volume across Payward's platforms totaled $353 billion in the third quarter, down 30% from a year earlier. The company said the two figures measure different things: the market share covers spot trading in September, while the quarterly volume includes spot, margin, equities, payments and certain derivatives.
Adjusted EBITDA fell to $60 million from $178.6 million a year earlier. Total platform margin, a measure Payward introduced this quarter to replace adjusted revenue with a deduction for staking rewards paid to customers, fell 12% to $487 million.
Results improved from the second quarter. Transaction volume rose 22%, and total platform margin increased to $487 million from $436 million. Margin from assets customers hold on Payward's platforms, including staking-related services, rose 26% to $128 million and accounted for roughly half of the $51 million quarterly increase in total platform margin. Adjusted EBITDA rose from $23 million, and its margin relative to total platform margin rose to 12% from 5%.
Payward has spent two years buying businesses outside its core exchange. It acquired futures broker NinjaTrader and proprietary trading firm Breakout in 2025, derivatives platform Bitnomial in May 2026 and stablecoin payments business Reap in July 2026. Derivatives contracts carrying a per-contract fee rose 84% to 66 million, and margin from subscriptions, trader evaluations and other paid services rose 59% to $125 million. Payward did not quantify the contribution of the Breakout or Reap acquisitions.