Kraken parent Payward revenue rises 17% as trading volume falls in Q2
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- Payward posted $508 million in Q2 adjusted revenue, up 17% year over year, despite total transaction volume falling 13% to $310 billion amid weaker crypto spot activity
- Payward saw funded accounts surge 42% to 6.6 million, while adjusted EBITDA remained positive at $23 million
- Payward shifted its revenue mix further from trading fees, with asset-based and other revenue climbing to 60% of total (up from 55% a year earlier)
- Payward gained crypto spot market share for a third consecutive quarter, even as overall spot activity declined
- Growth in traditional futures, equities, and tokenized equities helped offset softer spot trading, reflecting the company's push beyond crypto over the past year
- Payward expanded its financial infrastructure via acquisitions of futures platform NinjaTrader (May 2025), regulated derivatives exchange Bitnomial, and the announced deal for Magic Labs' wallet infrastructure business
Why it matters: Payward's 17% revenue gain came from a structural shift: non-transaction revenue rose to 60% of total from 55%, while spot market share grew for a third straight quarter. Funded accounts jumping 42% to 6.6M shows the firm is monetizing a broader, less trading-dependent user base — repositioning Kraken as a multi-asset platform rather than a pure crypto exchange.
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