Payward reports $508 million Q2 adjusted revenue, 17% increase

Payward, the parent company of Kraken, reported second-quarter adjusted revenue of 508 million dollars, a 17% increase year over year, with adjusted EBITDA remaining positive at 23 million dollars for the quarter ending June 30. Despite a decline in crypto spot volumes across the industry, total platform transaction volume decreased by 13% year over year to 310 billion dollars, with a shift towards equities and tokenized equities. The company gained spot market share for the third consecutive quarter. Asset-based and other revenue rose to 60% of total revenue from 55% a year earlier. Funded accounts increased by 42% to 6.6 million, driven by momentum in the European Economic Area following MiCA authorization. Assets on the platform stood at 40 billion dollars. Payward continued its acquisition strategy, closing the purchase of derivatives venue Bitnomial on May 1 and acquiring stablecoin payments platform Reap on July 1. The company also agreed to acquire Magic Labs' wallet infrastructure business on July 27. Payward confidentially filed a draft S-1 with the SEC on November 19, 2025, and confirmed its IPO plans in April after pausing the listing in March due to market conditions, with a valuation of 20 billion dollars in a November funding round.

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