Payward Reports 17% Revenue Growth for Q2 Despite Declining Trading Volumes at Kraken
The parent company of Kraken exchange saw revenue expansion amid softer cryptocurrency spot market conditions, with customer funded accounts surging 42% and non-transaction revenue streams representing an increasing portion of total income.
In its second quarter financial results, Kraken's parent company Payward disclosed adjusted revenue of $508 million, representing a 17% increase compared to the same period last year, even as cryptocurrency spot trading activity and overall transaction volumes experienced downward pressure.
The earnings report released on Friday revealed that aggregate transaction volume decreased 13% on a year-over-year basis to reach $310 billion, while the number of funded accounts on the platform grew by 42% to reach 6.6 million users.
The company maintained positive adjusted EBITDA performance at $23 million. Revenue derived from asset-based sources and other non-transaction activities represented 60% of Payward's total revenue, an increase from the 55% share recorded in the prior year period, demonstrating the company's success in diversifying its income streams beyond transaction-dependent sources.
According to Payward, expansion in conventional futures products, equity offerings and tokenized equity instruments helped compensate for the softer performance in cryptocurrency spot market activity. The firm also reported capturing additional spot market share for the third quarter in a row.
These financial outcomes arrive as Payward has strategically diversified its business operations beyond cryptocurrency spot trading throughout the previous year, moving into equities, tokenized stock products, pre-IPO investment opportunities and futures contracts.
Additionally, the company has strengthened its financial infrastructure capabilities through strategic acquisitions, including the purchase of futures trading platform NinjaTrader in May 2025 and the acquisition of regulated derivatives exchange Bitnomial in the subsequent year, along with its recently announced agreement to purchase the wallet infrastructure operations of Magic Labs.