Kraken Parent Payward Posts $508 Million in Q2 Revenue Despite Trading Slowdown

Payward, the parent company of Kraken, reported second quarter adjusted revenue of $508 million, up 17% year over year, while staying adjusted EBITDA positive at $23 million. The growth came even as total platform transaction volume fell 13% to $310 billion, with the business mix shifting toward equities and tokenized equities.

Revenue Diversifies Beyond Trading

Asset based and other revenue rose to 60% of total revenue, up from 55% a year earlier. Funded accounts jumped 42% to 6.6 million, with the company pointing to strong growth in Europe following its regulatory authorization there. Assets on the platform reached $40 billion, and the firm said it gained spot market share for a third straight quarter.

Acquisitions Continue Amid Paused IPO

Payward closed its purchase of a derivatives venue in May, a stablecoin payments platform in July, and agreed to acquire a wallet infrastructure business later that month. The company’s IPO remains on hold after being paused earlier this year, with no new timeline set. It was last valued at $20 billion in a funding round.